Soyabean futures at the Chicago Board of Trade were mixed by Tuesday's midsession, with the November contract higher due to firm US cash markets as farmers hold supplies, traders said.
CBOT soyabeans were 5-1/4 cents per bushel higher to 1 cent lower by 10:50 am CST (1550 GMT). The November/January spread narrowed 4 cents, with November up 5-1/4 cents at $5.23-1/4 and January 1-1/4 cent higher at $5.22-3/4.
Buying was scattered among commission houses, with Rand Financial among the featured buyers with 300 January, floor traders said.
Funds continued rolling out their November short positions before the last trading day on Nov. 12, giving the front month an added boost.
Firm US cash markets remain supportive as processors and exporters pay up for soyabeans, trying to lure tight-fisted farmers to sell beans. Recent rains across the Midwest also slowed the tail-end of the soya harvest, limiting movement.
Reminders of steady export demand surfaced before the open. The US Agriculture Department confirmed a large US soyabean sale of 180,000 tonnes to China in the past day.
An expected increase in the government's US soya crop estimate in its Nov. 12 crop report continued to loom over prices. Brokerage firm FC Stone late Monday projected the 2004 US soya crop at 3.118 billion bushels. That is above USDA's current estimate for a record-large 3.107 billion bushel soya crop.
Pressure stemmed from prospects for a big South American soya crop, especially after good rains in October and forecasts for more in
Soyameal futures were 50 cents to $1 per ton higher on a mild bounce after the price slide on Monday. The early strength in soyabeans and a firm US soyameal market remains supportive, traders said. December was up 70 cents at $150.80.
The CBOT soyaoil market was choppy, with pressure stemming from spill-over sales from Monday's drop. But an early rebound in soyabeans provided some underpinning. Soyaoil futures were steady to down 0.14 cent per lb, with December unchanged at 21.18 cents.
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