Chicago Board of Trade soyabean futures closed sharply lower on Friday, unable to shake off early losses that came amid liquidation of long positions following a massive earthquake in Japan, traders said. The 8.9-magnitude earthquake was the largest earthquake since observations began in the late 19th century.
Funds sold an estimated 6,000 soyabean contracts, as well as 2,000 soyameal and 4,000 soyaoil, traders said. The CBOT said March soyabean deliveries totalled 76 contracts. In Argentina, scattered showers on Friday and Saturday to help maintain favourable conditions for late maturing crops while causing a temporary slowdown in early harvest. Rain disrupts harvest in Brazil's Mato Grosso crop region but drier weather is expected during the coming days.
CBOT soyabean futures for March fell 22-1/4 cents to $13.26-1/2 a bushel in volume of 476 lots, trading in a range of $13.10 to $13.39-1/4. May fell 21 cents to $13.34-1/2 a bushel. Total volume of 174,158 was 21 percent below the 30-day average. CBOT soyabean meal futures for March fell $3 to $346.10 a ton in volume of 322 lots, trading in a range of $340 to $350. May fell $3.70 to $350 a ton. Total volume of 66,317 was 8 percent below the 30-day average.
CBOT soyabean oil futures for March fell 0.99 cent to 55.49 cents a lb in volume of 734 lots, trading in a range of 54.75 to 55.59. May fell 1.03 cents to 55.90 cents a lb. Total volume of 100,714 was 13 percent below the 30-day average.
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