Favourable conditions seen in South American soyabean areas with no threatening heat, plentiful moisture. Oil World raises its estimates for soyabean production in Argentina and Brazil. Soya market pressure also stemmed from a firmer dollar as the euro fell to its lowest level in a month. March soyabeans ended down 10-1/2 cents, 1.08 percent, at $9.63-1/2 per bushel after dipping to $9.62-3/4, lowest level since November 10, 2009.
New-crop November fell 3 cents to $9.39-1/4. March soyameal ended down 80 cents at $290.90 per ton. Soyameal market underpinned by firm US cash market amid good export demand and tight supplies. March soyaoil fell 0.38 cent to settle at 37.15 cents per lb. Commodity funds net sold 4,500 CBOT soyabean contracts, 1,000 soyameal and 2,000 soyaoil, traders said. Market shrugs off bullish export news, including USDA confirming sales of 100,000 tonnes US soyabeans to China for 2009/10.
USDA export inspections of US soyabeans in the latest week at 44.569 million bushels, within a range of trade estimates for 42 million to 47 million. Cash soyabean basis firmed in eastern US Midwest early Tuesday; farmers reluctant to sell.
CFTC supplement showed funds slashed their net long position in soyabeans to 23,975 contracts in the week ended January 12, a cut of more than 31,000 lots. Malaysian crude palm oil futures ended flat amid speculation on exports. Palm oil prices face only limited fall - Oil World. Egypt's Meditrade buys 40,000 tonnes edible oils.