Chicago Board of Trade soya futures were mixed on Wednesday, with nearby contracts partially retracing Tuesday's losses, buoyed by forecasts for harvest-slowing rain in Brazil's northern soya belt, traders said.
Worries about the soya crop in Brazil, the No 2 global producer, helped rally CBOT soyabeans on Tuesday to a 15-1/2-year top.
However, the market broke late after a denial by a private company that it had cut its Brazilian soyabean crop estimate, and on talk of Chinese cancellations of soya purchases and imminent US soyaoil imports.
CBOT soyabeans were up 9 cents to down 5 cents, with May up 9 cents at $9.37-1/2. TransMarket, Citigroup and ADM Investor Services were featured buyers of May, brokers said.
May soyabeans briefly dipped to match Tuesday's low of $9.26, but buying emerged when that level held, traders said. Technical resistance held at $9.57-1/2.
Soyameal was up $1 to $2.50 per ton, with May up $2.40 at $283.70. Cash soyameal basis offers on Wednesday were mostly steady, traders said.
Soyaoil was down 0.15 cent per lb to up 0.35 cent, with May up 0.12 cent at 33.15 cents. Refco Inc. bought 500 July early, brokers said.
Deliveries against March soyabeans on Wednesday totalled 192 lots, with no strong stoppers.
Registrations of soya with the CBOT late Tuesday totalled 342 lots, unchanged from the previous day.
Deliveries on the March soyameal contract totalled 172 lots, with a customer of R.J. O'Brien stopping 143 lots.
Registrations of soyameal with the CBOT late Tuesday totalled 376 lots, down from 414 on Monday.
Deliveries on the March soyaoil contract totalled 106 lots, with scattered stopping. Registrations of soyaoil with the CBOT late Tuesday totalled 5,132 lots, unchanged from Monday.
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