US soyabean futures on the Chicago Board of Trade surged on Wednesday, bouncing after Tuesday's profit-taking slide when new-crop November soya put in a key reversal, traders said.
"Yesterday seemed to be for whatever reason a generally negative market. Precious metals were down, energies were down, all the ags were down the commodity markets in general took a hit," said Randy Mittelstaedt, an analyst with R.J. O'Brien in Chicago.
"Today is more along the lines of what we've been seeing for the last couple of months," he said. March soyabeans were up 14-1/2 cents at $15.08-1/2 per bushel by 12:35 pm CST (1835), but off their early top of $15.38.
Soyabeans slipped as soyaoil turned mostly lower when one commission house sold 1,000 May soyaoil, traders said. March soyaoil was up 0.30 cent per lb at 67.50 cents, while the deferred months turned weak past midday. March soyameal was up $3.80 per ton at $374.10. November soyabeans notched a contract high of $14.73-1/4 on Tuesday, then reversed direction to end at $13.98-3/4, down nearly 49 cents from the previous settlement.
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