Soyabean futures on the Chicago Board of Trade extended their 28-1/2 month high on Thursday, buoyed by strong US export sales, but the market closed lower on profit-taking, traders said. A rally in the US dollar added pressure, triggering long liquidation by commodity funds.
CBOT March soyabeans ended down 8-1/2 cents at $14.35-1/2 per bushel after reaching $14.52-1/2, a new contract high and the highest spot price on continuous charts since September 2008. New-crop November down 9-1/2 cents at $13.65-1/2. March soyameal ended down 50 cents at $386.40 per ton. March soyaoil down 0.47 cent at 58.78 cents per lb, after setting a new contract high of $59.69.
Commodity funds were net sellers of 5,000 soyabean contracts, 1,000 soyameal and 3,000 soyaoil, traders estimated. Volume in soyabean futures estimated near 161,000 contracts, down about 6 percent from the 30-day average; volume in soyameal and soyaoil down about 12 percent. USDA reported export sales of US soyabeans in the latest week at 4.1 million tonnes, above estimates for 3.5 million to 3.6 million tonnes. The total included 3.076 million tonnes for 2011/12 delivery, nearly all earmarked for China. USDA reported weekly US soyameal sales at 177,900 tonnes, above estimates for 150,000 to 175,000 tonnes.