RTRS: CBOT early call-Soy up 1-2 cents on exports, dollar
Feb 24 (Reuters) - Soybean futures on the Chicago
Board of Trade were called 1 to 2 cents per bushel higher on
Friday, supported by talk of fresh sales to China and a weaker
U.S. dollar, traders said.
* Soymeal was called 50 cents to $1 per ton higher and
soyoil up 0.05 cent per lb.
* The trend for soybeans in Globex trade overnight was up 1
to 1-1/2 cents per bushel, with March last up 1 cent at
$12.77-3/4 per bushel. Soymeal was up $1.10 to $1.30 a ton and
soyoil was down 0.08 cent per lb.
* Traders noted talk that China may have purchased five to
10 cargoes of U.S. soybeans this week.
* USDA showed export sales of U.S. soybeans in the latest
reporting week at 4,032,400 tonnes, above a range of trade
estimates for 3,500,000 to 3,900,000 tonnes. USDA said China
bought 521,100 tonnes for 2011/12 and 2,805,000 for 2012/13,
while another 68,000 tonnes was sold to "unknown" for 2012/13.
* USDA reported weekly soymeal export sales at 216,000
tonnes and soyoil sales at 25,200 tonnes, both above trade
expectations.
* USDA's projections at its annual outlook forum for a
rebound in U.S. soybean, corn and wheat production for 2012/13
may cap rallies.
* However, USDA projected that U.S. 2012/13 soybean ending
stocks would drop to 205 million bushels, from 275 million in
2011/12.
* The nine-day RSI for March soybeans stood at 77
ahead of the open, within the technically overbought range of 70
to 100.
* CBOT March options expire at the close.