CHICAGO: Chicago Board of Trade soybean futures closed lower on Thursday, halting a three-day rally amid pressure from lackluster US soybean export sales and prospects for large South American crops, traders said.
* However, soybeans pared losses toward the close on short-covering. New-crop November 2012 soybeans ended higher.
* CBOT soymeal led the complex lower while soyoil ended higher, gaining against soymeal on oil/meal spreading.
* News that China's factory sector shrank in November in the face of weakening demand at home and abroad added pressure. China is the world's biggest soy buyer.
* Traders also noted reports of China buying several cargoes of Brazilian soybeans at midweek for shipment in January. The talk underscored how South American supplies remain competitive in the world market very late in their traditional export season, traders said.
* USDA reported export sales of US soybeans in the latest week at 489,600 tonnes, a one-month low that fell below estimates for 550,000 to 850,000 tonnes.
* USDA reported net export sales of soymeal at 135,500 tonnes, within estimates for 100,000 to 200,000, and soyoil sales at 8,900 tonnes, within estimates for 5,000 to 15,000 tonnes.
* Wet weather including rainfall and some snow is expected to continue through much of the US Midwest and Plains through the weekend but no threat is seen to crops or livestock - MDA Earthsat Weather.
* Deliveries on December soymeal totaled 100 contracts. Citigroup customer stopped 99 and ADM customer stopped 1.
* December soyoil deliveries totaled 1,502 lots with the Barclays house account stopping 1,378.
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