Soyabean futures at the Chicago Board of Trade were called to open 2 to 4 cents per bushel higher Thursday, supported by outlooks for dwindling US soya stocks next year and dry weather in Brazil's Mato Grosso soya region, traders said.
Brazil's No 1 soya state Mato Grosso will be dry for the next week, with the first chance of any significant rain late next week or weekend. Temperatures as high as 95 to 100 degrees Fahrenheit were depleting soil moisture and delaying early soyabean planting, DTN Meteorlogix forecaster Mike Palmerino said.
CBOT soyameal was called to open $1 per ton lower to $2 higher, with front month October under pressure from huge commercial deliveries overnight. Soyaoil was seen opening 0.05 to 0.20 cent per lb firmer, following the expected strength in soyabeans, but the front-month spread could be pressured by another around of heavy October deliveries.
The overnight e-cbot trend for soyabeans was unchanged to up 4-1/4 cents per bushel. November was up 3-1/2 cents at $9.54-1/2. Nearby resistance is pegged at its 20-day moving average of $9.58-1/2. The nine-day relative strength index is in neutral territory at 46. Soyameal was down 90 cents per ton to up $2.10 overnight and soyaoil was up 0.20 cent per lb to down 19 cent.
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