Another round of buying by investment funds boosted Chicago Board of Trade soyabean futures to double-digit gains and fresh 6-1/2-month highs in fast trading early on Friday, traders said. The speculative buying of commodities, including soya, continued on Friday, following a trend that began about three weeks ago amid inflationary fears and weakness in the dollar. At 10:34 am CST (1634 GMT), CBOT soya was up 2-1/2 to 13 cents per bushel.
March was up 2.1 percent or 13-1/4 cents at $6.46-1/2 per bushel. May was up 13-1/4 at $6.52-1/2.
Several funds bought the market including ADM Investor Services buying 400 May. Refco Inc bought 300 May, Citigroup bought 200 May and FIMAT Futures bought 400 May.
Forecasts for rain in Southern Brazil where the crop needed moisture to fill pods failed to slow down the bullish momentum generated by the massive fund buying. Brazil's No 3 soya state was dry this week but rain was forecast for the weekend.
There were light deliveries of 42 lots against the March soyabean contract on Friday. They were met by strong commercial stopping with the Bunge house talking them all, which is a supportive sign.
Soyabean registrations with the CBOT unchanged were unchanged late Thursday at 623 lots.
The fund buying boosted CBOT soyameal $3.20 to $5.00 per ton. March was up $4.90 at $190.00 per ton. May was up $4.90 at $193.70.
There were heavy deliveries, 383 lots, against the March soyameal contract on Friday. A customer of Henning, Carey/LIT division of Refco issued 117 lots but they were met by strong stopping, likely commercial. The key stopper was the CIS house account taking 206 lots.
Meal registrations with the CBOT late Thursday were unchanged at 699 lots.
Soyaoil was 0.03 to 0.46 cent per lb higher. March was up 0.35 at 23.90. May was up 0.46 at 24.13.
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