US soyabean futures closed lower on Thursday, but late short-covering trimmed losses, traders said. Jitters over turmoil in oil-producing Libya remained a key market focus as investors liquidated long grain positions in a flight from risk. In addition, USDA released its updated forecast for acreage before Thursday's market open, projecting US soyabean plantings at 78.0 million acres and production at a record 3.345 billion.
The acreage estimate was unchanged from the USDA's February 14 forecast, and was slightly higher than analysts' expectations. March soyabeans settled 1-3/4 cents a bushel lower at $13.18-1/4, while new-crop November was down 9-1/2 cents at $12.86-1/4. The CME group estimated volume in soyabean futures at 222,244 contracts, about 25 percent below the 30-day moving average computed by Thomson Reuters.
Funds sold an estimated net 3,000 contracts. Argentina's 2010/11 soya production is seen rising to 48.8 million tonnes. CBOT March soyameal down $1.40 at $350.40 per ton. Following soyabeans. Funds sold an estimated net 1,000 soyameal contracts. CBOT March soyaoil down 0.41 cents at 54.61 cents per lb. Funds sold an estimated 3,000 soyaoil contracts.