November soyabeans closed 1/2 cent lower at $5.71 per bushel. January was unchanged at $5.83-1/2. December soyameal settled $1.20 per ton higher at $170.50, with the deferred up 30 cents to $1.50.
December soyabean oil was down 0.15 cent at 23.38 cents per lb., with the back months 0.07 to 0.14 cent weaker. The US Census Bureau September crush figure was market-neutral for soyabeans, coming in close to expectations.
But a drop in soyameal stocks helped support soyabean meal while soyaoil was under pressure from a larger-than-expected supply. That led to some soyameal/soyaoil spreading, giving soyameal an added boost. Census said on Thursday 133.211 million bushels of US soyabeans were crushed during September, compared with estimates for 133.5 million to 134.0 million.
The bureau reported US soyameal stocks at 171,596 tons as of the end of September, below an average of analysts' estimates for 274,700 tons. "That shows good domestic usage," said one trader.
US soyaoil stocks were at 1.690 billion lbs., above an average of analysts' estimates for 1.635 billion. Soyabean volume was moving to the January contract as traders rolled their November positions before first notice day for deliveries on Monday.
As of Wednesday night, there were 662 contracts registered with the CBOT that could possibly be delivered. US weekly export sales for soyabeans were disappointing.
The US Agriculture Department said on Thursday US soya export sales totalled 842,000 tonnes, below trade estimates for 850,000 to 1.05 million tonnes.
China was the top buyer with 347,200 tonnes. There was talk that China was inquiring for US beans on Thursday, but no sales were confirmed. A turn to wetter weather in northern Brazil should help improve soil moisture, casting a bearish tone to the market.
Current South American weather is generally conducive to soya plantings and development, but there is some concern about excessive wet weather in parts of southern Brazil.
Mostly dry conditions in the Midwest should help US farmers wrap up their soyabean harvest. Midwest cash soyabean basis bids were firm on Thursday, as farmers were keeping a tight hold on their freshly harvested crop, waiting for prices to improve.
US export sales for soyabean meal and oil were within expectations, giving the market little direction. Smaller-than-expected soyameal stocks reported by Census could help underpin prices.
But soyaoil stocks were larger than most analysts's forecast, casting a bearish note. USDA said US soyameal export sales last week were 194,200 tonnes, compared with estimates for 100,000 to 200,000 tonnes.
US soyaoil export sales totalled 6,300 tonnes, within the range of estimates for 3,000 to 8,000 tonnes. Concerns about the possibility of reduced soyameal use due to the spread of the deadly bird flu virus remained bearish for meal.
Malaysian palm oil futures closed firm overnights on talk that India could reduce duties for some palm oil products, traders said. Funds sold about 1,000 to 1,500 soyabean contracts and 1,000 soyaoil contracts and bought about 500 soyameal, traders said.
Commercials were active in soyabean oil, buying about 1,000 contracts. There was also commercial pricing in soyabeans.