US MIDDAY: soyabeans firm on export sales data

Soyabean futures at the Chicago Board of Trade rose early on Thursday following the moves in soyaoil, which tracked the strength in energy markets on fears that Gulf of Mexico refineries would be crippled by Hurricane Rita, traders said.
Soyabean oil has been tracking the energy markets - acting more like an energy product than a food this week - amid rising demand for biodiesel. About 90 percent of US biodiesel is made from soyabean oil.
November soyabeans were up 4-3/4 cents per bushel at $5.82-1/2 by 11:40 am CDT (1640 GMT). The deferreds were up 2-3/4 to 4-1/2. October soyaoil was up 0.41 cent per lb at 23.33 cents per lb, with deferreds up 0.15 to 0.37. Funds bought 2,500 soyaoil lots by the midsession, traders said.
Weekly export sales data was also supportive, above expectations. The US Agriculture Department reported that US export sales of soya last week were 752,000 tonnes, above estimates for 400,000 to 700,000 tonnes. The top amount of 233,000 tonnes was slotted for unknown destinations. But China, the world's top soya buyer, took 223,000 tonnes, a supportive sign confirming recent industry talk.
USDA also confirmed early Thursday the sale of 120,000 tonnes of soyabeans to China in the past day.
Midwest soyabeans bids were steady to weaker at interior points early Thursday amid prospects that supplies would grow as harvest progresses. But river bids surged due to a drop in barge freight costs.
The soyameal market was mixed and the weakest of the complex as soft US cash soyameal markets looms over prices.
October soyameal was up 20 cents at $172.80 per ton, with deferreds up 20 to down 70 cents.
There was a neutral reaction to US weekly sales among traders for soyameal and soyaoil as they came within expectations.
USDA reported US soyameal export sales from last week at 94,200 tonnes (old-crop and new-crop combined). Trade estimates were for 75,000 to 150,000 tonnes.
US weekly soyaoil exports sales last week totalled 5,900 tonnes (old-crop and new-crop combined), within the range of estimates for zero to 10,000 tonnes.