Chicago Board of Trade soyabean futures settled mixed on Thursday, with nearby contracts gaining modestly against back months on spillover strength from soyameal, traders said. CBOT most-active July soyabeans settled up 1/4 cent at $10.39-1/2 per bushel after dipping lower into the close on technical selling and disappointing weekly export sales.
CBOT July soyabeans failed to push through chart resistance at the contract's 30-day moving average. CBOT July soyameal ended up $2.80 at $383.30 per short ton while CBOT July soyaoil rose 0.03 cent at 31.09 cents per pound.
The US Department of Agriculture reported weekly soyabean export sales at 537,800 tonnes (old and new crop years combined), well below expectations for 800,000 to 1.4 million tonnes. A week ago, soyabean export sales totalled 2.13 million tonnes. USDA reported weekly soyameal export sales at 264,500 tonnes, in line with trade expectations.
CBOT soyameal futures continued to draw support from news on Wednesday of a cargo ship colliding with a dock in Argentina's Rosario grains hub, a key soyameal export point.