Chicago Board of Trade soyabean futures closed lower on Wednesday, pressured by a final run of profit-taking just before the pit close, traders said. Continued speculation about China's rumoured purchase of corn was an ongoing drag on the market, they said.
Volume was thin as soyabeans logged their smallest trade since November 26, 2010. Soyabean oil volume was the lowest since October 26, 2010 and soyameal the lowest since December 31, 2010.
Average estimate for early Thursday Census Bureau crush showed US soya crush in February 129.7 million bushels, below February 2010's 153.9 million. Soyabean spot basis bids were mixed at processors around the US Midwest early on Wednesday as slow farmer sales supported the basis, while satisfactory existing supplies and slow demand for soyameal pressured bids, dealers said. Private exporters reported the sale of 105,000 tonnes of US soyabeans to unknown destinations for delivery in the 2011/12 marketing year, according to the US Agriculture Department.