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  • Oct 28th, 2005
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Soybean futures at the Chicago Board of Trade were rangebound early Thursday, underpinned by the early strength in soymeal on smaller-than-expected US soymeal stocks reported by the US Census Bureau, traders said.

November soybeans were 1/2 cent higher at $5.72 per bushel by 10:20 am CDT (1520 GMT). January was up 3/4 cent at $5.84-1/4. December soymeal was 70 cents per ton higher at $170, with the deferreds up 50 cents to $1.20. December soybean oil was down 0.05 cent at 23.48 cents per lb, with the backs 0.09 lower to 0.05 cent higher.

The US Census Bureau September crush figure was market-neutral for soybeans, coming in close to expectations. But a drop in soymeal stocks helped support soybean meal while soyoil was under pressure from a larger-than-expected supply. Census said on Thursday that 133.211 million bushels of US soybeans were crushed during September, compared with estimates for a crush of 133.5 million to 134.0 million.

The bureau reported US soymeal stocks at 171,596 tons as of the end of September, below an average of analysts' estimates for 274,700 tons.

US soyoil stocks were at 1.690 billion lbs, above an average of analysts' estimates for 1.635 billion.

Soybean volume was moving to the January contract as traders rolled their November positions before first notice day for deliveries on Monday.

The US Agriculture Department said early Thursday that US soy export sales totalled 842,000 tonnes, below trade estimates for 850,000 to 1,050,000 tonnes. USDA said US soymeal export sales last week were 194,200 tonnes, compared to estimates for 100,000 to 200,000 tonnes. US soyoil export sales totalled 6,300 tonnes, within the range of estimates for 3,000 to 8,000 tonnes.

Copyright Reuters, 2005


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