CBOT soyabeans end strong

Soyabean futures at the Chicago Board of Trade climbed on Thursday on slipover buying from soyaoil, traders said. "World trade is pretty active in oilseeds and we're starting to worry about a drawdown in inventories beyond the soyabean market," said Roy Huckabay, analyst with The Inn Group in Chicago.
There were concerns about smaller sunned and rapeseed supplies after recent dryness in Europe, he said. In contrast, there are ample soyabean supplies. Malaysian palm oil was higher overnight and cash values in South America for beans and meal were also up, supportive signals.
"Oil took a turn and led the market higher," one cash-connected trader said. Monthly crush data from the US Census Bureau added strength. Soyaoil and soyameal stocks were lower than expected even though the crush was up. July soyabeans closed 6-1/4 cents higher at $8.09-3/4 per bushel. The back months ended up 3 to 6 higher. July soyaoil settled 0.61 cent per lb. firmer at 35.57 cents.
The back months closed 0.43 to 0.60 cent higher. Soyameal was the weakest leg of the complex amid fund buying in soyaoil. July soyameal ended 30 cents up at $218.20 per ton, with the deferred down $1.10 to up 70 cents.
Commodity funds bought 2,000-3,000 soyabean contracts, 3,000 soyaoil and were about even in soyameal. The US Census Bureau reported that 151.81 million bushels of soyabeans were crushed in May, above the range of estimates for 150 million to 151 million bushels.
US soyameal stocks in May were at 277,581 tons, below estimates for 289,000 to 330,000 tons. May soyaoil stocks were at 3.266 billion lbs., compared with estimates for 3.309 billion to 3.350 billion. USA's weekly export sales data showed soyabean and soyameal sales in line with expectations. Soyaoil sales were above expectations.
USDA said 247,900 tonnes (239,800 tonnes old-crop) of US soyabeans were sold for export last week, within estimates for 100,000 to 300,000 tonnes. US soyameal sales from last week were at 78,300 tonnes (55,600 tonnes old-crop), compared with estimates for 50,000 to 125,000 tonnes. US soyaoil export sales were at 30,600 tonnes (29,100 tonnes old-crop), above estimates for zero to 10,000 tonnes.
Traders were evening positions before USDA issues its June acreage numbers on Friday and first-notice day for July deliveries. There were mixed views among traders of whether or not the government would raise or lower its soya acreage figure. An average of analyst estimates in a Reuters poll indicated analysts expected a slight increase in the USDA soya number from its March forecast of 67.1 million acres.
Current weather patterns have been mostly favourable for the developing soyabean crop. There were some concerns about dryness in parts of Ohio and central Minnesota, which continue to miss the rains, a DTN Meteorlogix forecaster said.
Hot weather was expected next week in the Midwest but was expected to fade quickly. Spot basis bids for soyabeans in the Midwest held weak amid limited demand and country movement was slow, cash dealers said.