Soyabean futures at the Chicago Board of Trade rose early on Tuesday, lifted by crop concerns amid dryness in the eastern US Midwest and forecasts calling for less rain than expected earlier, traders said. "The bottom line is it's fairly wet in the north and central part of the western Corn Belt and there's a chance of scattered showers late this week in the east. But I'm not sure it will be enough to help much and the longer range looks dry," said Meteorlogix forecaster Joel Burgio.
There was also some support from a slower-than-expected planting pace for beans. The US Department of Agriculture reported late Monday 26 percent of the US soyabean crop was planted as of Sunday. That was ahead of the five-year pace, but slightly behind trade expectations that 30 to 40 percent of the crop was seeded.
The new-crop months led the market higher, with November up 7 cents at $6.34-1/2 per bushel by 11:30 am CDT (1630 GMT). The nearbys were up about 4 cents, with July at $6.41-1/2.
Commodity funds were featured buyers, including Refco and Rand Financial.
There were mixed signals stemming from the overnight delivery market. There were 169 lots delivered on Tuesday by commercial Term Commodities. However, they were met by commercial stopping.
CBOT soya registrations increased to 1,367 from 1,234 late Monday.
Export business was quiet.
Registrations with the CBOT were unchanged at 78 lots late Monday.
May soyameal was up $1.30 at $195.40 and July was $1.90 higher at $196. The deferreds were up $1.20 to $2.10.
Soyaoil futures were setting back from Monday's technical rally, led by funds. May soyaoil was down 0.03 cent at 23.47 cents per lb, while the back months were 0.03 cent lower to up 0.12. Soyaoil registrations with the CBOT were unchanged at 1,353 lots.
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