US soyabean ended higher Tuesday, but gains were trimmed late in the day as traders evened positions ahead of the release on Wednesday of the USDA's May supply/demand report, traders said. Soyabeans were 7 percent planted, even with trade estimates but down from the average pace of 17 percent. July soyabeans ended 3 cents higher at $13.38.
Analysts' estimates ahead of USDA's May supply/demand report on Wednesday showed US soyabean ending stocks for 2010/11 at about 153 million bushels, up from the April estimate for 140 million, with 2011/12 soy ending stocks estimated at 167 million bushels.
Brazil's 2010/11 soyabean crop was forecast at a record 73.6 million tonnes, up from 72.2 million tonnes seen in April, the government agency Conab said on Tuesday. Cash soymeal basis offers were steady to higher in the US Midwest on Tuesday, supported by higher soyabean prices as farmer offerings dwindled, dealers said. Basis offers were expected to rise as processors take seasonal downtime in coming weeks and months.
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