US MIDDAY: soya futures firm on liquidated long positions

Chicago Board of Trade soyabean futures bounced early on Tuesday on a mild recovery from Monday's big sell-off when commodity funds liquidated long positions on lessening worries about the US soya crop after weekend rains, traders said.
September was up 3-1/4 cents per bushel at $6.16 by 11:20 am CDT (1620 GMT) and new-crop November was 4-1/4 cents higher at $6.24, after falling to a three-month low Monday.
Commodity firms and local traders were the buyers, including Refco and Cargill Investor Services, floor traders said.
The market was technically oversold going into the session. The nine-day relative strength index for the new-crop November soyabeans was at 20, below the 30 level viewed as a technically oversold market, traders said. The RSI was at 25 by Tuesday's midsession.
Outlooks for moderate temperatures this week in the Midwest accompanied by scattered showers are likely to limit attempts to rally prices. The soyabean crop can benefit from August rains as it sets and fills pods this month.
On Monday the Midwest saw scattered showers of 0.25 to 1.00 inch in Missouri, Illinois and Indiana. The rest of the region was mostly dry, with highs in the mid-70s to low-80s Fahrenheit. Scattered showers were forecast for the Midwest on Tuesday in the western belt and on Thursday in eastern Midwest. Highs should be mild with highs in 80s F, Meteorlogix weather said.
The soyameal market was higher on a mild recovery after the sharp price slide on Monday as funds liquidated long positions. Open interest dropped 2,611 lots after Monday's slide. But US cash soyameal markets were soft even though demand picked up after CBOT soyameal fell below $200 per ton on Monday - the lowest its been since mid-May.
September was up $1.80 at $193.40, with deferreds up $1.50 to $3 per ton.
CBOT soyaoil futures were slightly firmer on a rebound, but losing ground to soyameal, a reverse of the recent trend. September soyaoil was up 0.05 at 22.35 cents per lb, with deferreds up 0.03 to 0.25. The September crush was up about a penny at 55.16 cents per bushel.