Chicago Board of Trade soyabean ended mostly higher on Friday on tight US Soya supplies, firm US and South American cash trade, and strong soyaoil prices, brokers said.
The US Department of Agriculture has forecast that US soyabean supplies in August will hit a 27-year low of 115 million bushels.
CBOT soyabean ended up 21 cents per bushel to down 2 cents, with May up 20 cents at $9.67 and July up 21 cents at $9.61. Commodity funds bought at least 2,000 lots and commercials were light net buyers, brokers said.
Last-minute options trade, before CBOT May Soya options expired on Friday's close, and a rally in CBOT soyaoil on talk of the purchase by one firm of 600 to 700 soyaoil receipts from a commercial, also offered support, brokers said.
CBOT soyaoil settled up 0.52 cent to 1.24 cents per lb., with July up 1.24 cents at 32.68 cents. Commodity funds bought 5,000 lots and commercials were also net buyers.
The talk of demand for CBOT soyaoil receipts followed a drop in CBOT soyaoil registrations heading into next on Friday's first notice day for CBOT May soyaoil. There were 4,537 soyaoil contracts registered at the CBOT late on Thursday, down from the previous day's 4,562 lots.
Rival Malaysian palm oil futures also ended firm in overnight trade, a supportive factor for soyaoil, brokers said.
CBOT soyameal settled up $4.80 per ton to down $2.20, with July up $4.80 at $301.50 per ton. Funds bought at least 1,000 lots but commercials were net sellers, brokers said.
On Friday's gains were limited by a lower close in China's Dalliance soyabean and soyameal futures and talk continued of potential Chinese cancellations of South American Soya purchases amid poor Chinese crush margins, they said.
News of a fresh SARS scare in China also fuelled some fears of disruption in Soya demand. China is the top global Soya importer.
Meanwhile, speculation of more cuts in South America's key 2003/04 soyabean production estimate supported new-crop CBOT November soyabean, which has fallen well off its high of $8.02 per bushel in the past weeks.
In particular, traders awaited Brazilian crop estimates from the Brazilian Institute for Geography and Statistics and Safaris e Merced, after Brazil's AgRural forecast on Wednesday a 49.3 million-tonne Brazilian soyabean crop.
CBOT traders also worried that the crop in Argentina, the world's No. 3 Soya producer, would continue to shrink. The USDA last forecast Argentine 2003/04 Soya production at 35 million tonnes.
Statistics Canada's 2004 canola planting intentions figure was also supportive, brokers said. Canadian farmers said they would plant 12.760 million acres to canola, less than the average analyst estimate of 13.4 million.
Forecasts for more rain across the US Soya belt this weekend limited gains in CBOT Soya futures. Brokers expected the government to report on Monday that US Soya plantings were two to five percent complete.
In export news, South Korea's AFMC announced a May 4 tender for 25,000 tonnes of non-GMO food grade soyabean for August delivery.
The CBOT July soyabean crush margin closed up 3.20 cents at 61.78 cents.