Soyabean futures at the Chicago Board of Trade rebounded early on Wednesday after this week's fund-led sell-off, when prices dropped about 80 cents in the past two days, traders said. The dive in prices was ignited by forecasts for improved crop weather for late this week in the US Midwest.
July soya was up 6-1/4 cents at $6.73 per bushel by 11:35 am CDT (1635 GMT), and new-crop November was up 6 at $6.92.
Refco, O'Connor and Co and Citigroup each bought 200 to 500 November, traders said.
Firms were covering short positions before the government released its acreage and grain stocks reports on Thursday, traders said.
The general consensus among analysts polled by Reuters was for the US Agriculture Department to peg US soya planted acreage at 73.078 million acres, compared with its March estimate of 73.910 million.
For soyabean stocks as of June 1, the average analysts' estimate was at 716 million bushels, compared with 411 million a year ago.
Weather uncertainty kept traders edgy as any changes in the forecasts could ignite price volatility. Light rains fell through southern Iowa, eastern Illinois and Indiana and Ohio overnight, providing some much-needed moisture to crops, but temperatures should stay hot until late this week, Meteorlogix forecaster Joel Burgio said.
Scattered rains and cooler temperatures were forecast for the eastern Midwest late this week. But scattered rains should be light. The western belt continues to enjoy favourable growing conditions, with ample rains to help the developing soyabean crop.
The soya products also were recovering some on Wednesday, after this week's market dive. July soyameal was up $2.40 per ton at $209.50, with deferreds 50 cents to $3.30 higher.
July soyaoil was 0.33 cent per lb. higher at 24.50 cents per lb., with deferreds up 0.22 to 0.35.
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