Chicago Board of Trade (CBOT) soyabean futures rose 2 percent in Asian trade on Monday as weather concerns and buying from South Korea supported prices, a trader said. The July CBOT soyabean contract had risen by as much as 13-1/2 cents per bushel to $6.79-3/4 versus on Friday's close of $6.66-1/4, in e-CBOT trade, spurring rises in all near-month contracts.
"It's a weather market right now and that's what is affecting prices," a Singapore-based trader said by telephone. "Some private buying from South Korea was also helping prices." But, most of the active contracts had pulled back with July trading at $6.75-1/2 per bushel.
Concerns over excessive wet weather in the western US Midwest, which has slowed the late planting of beans, and a bigger-than-expected cut in US old-crop and new-crop soya stocks were also seen supportive of prices.
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