The Chicago Board of Trade soyabean market was range-bound early Tuesday amid a lack of news to give traders much clear market direction.
May soyabeans were up 1/2 cent per bushel at $5.72 and July was 1/2 cent higher at $5.86 by 10:20 am CDT (1520 GMT).
The market was exhausted after Monday's rally, when the May contract closed above its 20-day moving average for the first time in two weeks. Key support in May was pegged at $5.69-3/4, its 20-day moving average.
Strength in soyaoil and a 25-year high in gold helped underpin the soya market, traders said. With the increased participation by managed funds in commodity markets, they tend to move in tandem.
On the bearish side, wet weather, especially in the north-west belt, was delaying field work and corn seeding, which could mean more soyabean acres in that area of the country - another bearish factor for soyabeans.
Also US export business was slow while South American soya business was picking up as harvest was moving along in Brazil and Argentina.
Midwest spot basis for soyabeans were mostly firm on Tuesday as dealers tried to spark farmer sales, dealers said.
The soya products were mixed, with soyaoil gaining on soyameal.
May soyameal was up 30 cents at $177.80 per ton and July was down 10 cents at $178.30.
May soyaoil was 0.22 cent higher at 22.92 cents per lb. and July was up 0.22 cent at 23.35 cents.
Commercial buying by Bunge gave soyaoil an early lift. Fimat USA was also noted buying soyaoil. The strength in metals markets was supportive to soyaoil, traders said.
COPPER AT NEW PEAKS:
NEW YORK: US copper futures charged higher at the open on Tuesday as funds continued to pour money into the metals complex following new record highs in London, sources said.
By 10:37 am EDT (1437 GMT), copper for May delivery was trading 4.80 cents, or 1.66 percent, higher at $2.9430 a lb. on the New York Mercantile Exchange's COMEX division, after hitting a new life-of-contract peak in overnight electronic trade at $2.9750.Spot April rose 5 cents to $3.0150 a lb., but was down a shade after earlier setting an all-time COMEX record at $3.0210.
Volume at 10 am was estimated at a hefty 10,000 lots.
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