Soybean futures at the Chicago Board of Trade rallied early Tuesday on diminished concerns over bird flu in the United States, traders said.
Continued strength in soyoil futures amid strong demand for vegetable oils and tight US soybean stocks were also supportive.
CBOT soybean futures were up 17-1/2 cents to 6 cents per bushel by 11:06 am CST. March was up 17 at $8.46 and May soybeans was 16-3/4 cents higher at $8.45-1/2.
Early buyers included ADM Investor Services, Carr Futures, Refco Inc and SAK Trading each with 200 to 300 May, pit sources said. Cargill Inc sold 500 May, likely farmer-hedge pressure after weekend country sales.
The market remains volatile, prone to wide price swings, as US stocks are projected at a 27-year low at the end of the marketing year.
CBOT soybean futures were due for a bounce after Thursday's dip on bird flu jitters and talk of China cancelling soybean sales.
CBOT soymeal futures were recovering after their recent drop, up $8.40 to $1.80 per ton. March soymeal was up $7.50 at $254.00.
Waning worries over bird flu in the United States helped the soymeal/soyoil spread correct after recent strength in soyoil.
CBOT soyoil futures climbed on the open as strong global demand for vegetable oil remains a bullish input. But soyoil backed off early gains and was up 0.27 to 0.10 cent per lb. March soyoil was up 0.27 at 31.99 cents.
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