Soyabean futures benefited from spillover buying after being hit hard in the days by bearish spillover from commercial deliveries on the January soyaoil contract.
CBOT soya closed 1 to 7 cents per bushel higher, with January up 1 at $5.47-3/4 per bushel. March was up 2-3/4 at $5.47-1/4 per bushel. Volume was estimated at 56,017 futures and 13,044 options.
Deliveries on the January soyaoil contract on Thursday totalled 300 lots. The Produce Grain house account (commercial Bungle Ltd) issued all of the soyaoil. The key stopper was an ABN Amro customer taking 295 lots. There was no soya or soyameal delivered. "That was the only feature down here, the commercial deliveries on oil," a trader said. On Thursday was first notice day for deliveries on the January soya complex futures.
Soyaoil closed 0.35 cent per lb lower to 0.15 higher, with January down 0.35 at 20.61 cents per lb. March was down 0.32 at 20.79 cents per lb. Soyaoil volume was estimated at 24,814 futures and 1,699 options.
The US Department of Agriculture's (USDA) weekly export sales report on Thursday said US export sales of soyaoil last week totalled 17,500 tonnes. That's within the range of estimates for 15,000 to 25,000 tonnes. USDA's export sales report may have helped give soyabeans a lift. USDA said US soya export sales last week totalled 926,600 tonnes. That's above estimates for 650,000 to 850,000 tonnes.
Taiwan overnight bought 60,000 tonnes of US soya. Cash basis bids for soya were steady to weaker at midweek amid a pickup in farmer selling and a rise in barge freight rates. The late gains in soya moved March above key short-term 14-, 20- and 50-day moving average (MA) resistance levels and key resistance is now at the 100-day MA of $5.57-1/2.
Soyameal gained amid Reface Inc's purchase of 1,500 lots near the close of trading. Soyameal closed $1.90 to $3.20 per ton higher, with January up $2.40 at $162.60 per ton. March was up $2.60 at $163.00 per ton.
Soyameal volume was estimated at 22,009 futures and 2,812 options. Soyameal may have found a bit of support because of news another suspected case of mad cow had been discovered in Canada. The news renewed talk that demand for soyameal might increase if the feed industry ever totally switches away from animal by-products as a source of protein. USDA's export sales report showed US soyameal export sales last week at 29,700 tonnes.
That's below estimates for 75,000 to 150,000 tonnes. Pit sources said the market was active but trading volume was light ahead of the holiday break. Markets closed at noon CST (1800 GMT) on Thursday and will remain closed on Friday, New Year's Eve. Trading will resume with the overnight e-cbot session on Sunday.