Soyabean futures at the Chicago Board of Trade climbed early on Tuesday, trying to keep pace with the strength in corn given the ongoing fight for US acreage next spring, traders said.
January soyabeans were up 9-1/4 cents at $10.88 a bushel 10:25 am CST (1625 GMT). The back months were up 5 to 11-3/4 cents with new-crop November up 9-3/4 at $10.25-1/4. Projections for a smaller-than-expected Brazilian soya crop were supportive as the grain industry hoped South America would take up the slack from the shortened 2007 US output.
There were concerns that Argentina was turning dry as the young crop is in the midst of emerging. But the country was seeing a little more rain this week. From 0.2 to 0.6 inch of rain fell in the past day, with 50 to 60 percent coverage, said DTN Meteorlogix.
Soyameal was gaining on soyaoil amid meal/oil spreading, with soyaoil under pressure from the weakness in crude oil - a market it tracks given the expanding biodiesel industry.
December meal was up $3.90 per ton at $294; deferreds were up $3.10 to $4.80. December soyaoil was down 0.02 cent at 45.40 cents per lb; back months were down 0.18 to up 0.08. In soyaoil, there were 1,664 deliveries which were met by a strong stopper. A customer of Man took 783 lots.
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