Soyabean futures at the Chicago Board of Trade turned up on oversold conditions early Tuesday, following a weak open on good harvest and yield reports, traders said.
"It's a technical bounce. Yield talk still continues to come in large," said Dan Cekander, an analyst with Fimat Futures.
CBOT soyabean futures were steady to 2 cents per bushel higher by 10:40 am CDT (1540 GMT). New-crop November was 1-1/4 cents higher at $5.45.
The market was due for a short-covering bounce, after sliding into highly oversold technical territory. The nine-day relative strength index for November closed on Tuesday at 9, well below the 30 level that CBOT traders view as an oversold market.
Refco was featured buying 300 November early in the session, traders said.
Soyameal futures were mostly lower, down $1.00 to up $1.20 per ton. October was $1.00 lower at $160.80 and December was $1.20 down at $162.20. Meal was under pressure as traders unwound their meal/oil spreads after the recent climb in meal over soyaoil, traders said.
CBOT soyaoil futures were 0.20 to 0.25 cent per lb higher, with October up 0.25 at 22.02 cents and December up 0.22 at 21.84 cents. Support stemmed from oil/meal spreading and the firmness in soya, traders said.
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