Soyabean futures at the Chicago Board of Trade were up at Wednesday's midsession on technical rebound from this week's dip to a seven-month low, traders said.
Clear weather most of this week and ongoing reports of good yields loomed over prices and sparked this week's plunge.
Rain was moving across the upper Midwest on Wednesday, stalling harvest efforts there. But conditions were expected to clear later in the week, weather forecasters said.
"We take two steps back and one up ... keeping pace with harvest. There's some slowdowns in the upper Midwest," said Don Roose, an analyst with US Commodities in West Des Moines, Iowa.
November soya was up 3-1/2 cents at $5.61 per bushel by 11:45 am CDT (1645 GMT). The deferreds were up 3 to 6-1/2 cents higher.
The market was due for a technical bounce, with the nine-day relative strength index for the November contract hovering at 31 on Wednesday after dipping to 26 at Tuesday's close. An RSI of 30 or below is one indicator of an oversold market.
Midwest cash basis bids for soyabeans early Wednesday were steady to weak as harvest picks up.
Soyameal and soyaoil futures followed soyabeans up. October soyameal was up 70 cents at $169.10 per ton, with deferreds up 30 cents to $1. October soyabean oil was 0.15 cent higher at 22.24 cents per lb., getting an extra boost from a rally in crude oil.
The soyabean oil market has tracked the energy markets the past week due to rising demand for biodiesel fuel. About 90 percent of US biodiesel is made from soyabean oil.
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