Soyabean futures at the Chicago Board of Trade rallied early on Wednesday with the market recovering from the declines on Tuesday, traders said.
Also, expected rapid seedings of the US corn crop were supportive for soya because of expectations for reduced soya acreage this year, they said.
At 10:14 am CDT (1514 GMT), CBOT soya was up 7 to 9 cents per bushel, with May up 9 at $7.35 per bushel. July was up 8-3/4 at $7.48-1/4 and new-crop November was up 8-1/4 at $7.77.
Rand Financial bought 300 July and FIMAT USA bought 400 July. Soyabean acreage in the United States is expected to fall sharply this year because of the aggressive corn plantings amid 10-year highs for corn prices. The US Department of Agriculture on Friday will release its May supply/demand report and an average of analysts' estimates expect the new-crop US soya ending stocks (2007/08) to be drawn down to 255 million bushels, compared with the record large 615 million bushels this crop year (2006/07) which ends at the end of August.
Soyabean futures also garnered support from soyaoil which was given a boost by a strong rally overnight in Malaysian palm oil prices. Soyaoil was up 0.10 to 0.31 cent per lb, with May up 0.28 cent per lb at 32.90 cents per lb. Soyameal was up 90 cents to $2.30 per ton, with May up $1.40 at $195.90 per ton.
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