Soybean futures at the Chicago Board of Trade were firm early on Friday on follow-through technical buying after the firm close on Thursday, traders said.
Traders said the volume was not heavy as several commodity funds and locals jockeyed for position ahead of the weekend and before the release next Wednesday of USDA's October crop production report.
At 10:15 am CDT (1515 GMT), CBOT soy was up 3 to 3-3/4 cents per bushel. November was up 3-1/4 at $5.67-1/2 per bushel.
ADM Investor Services and Refco Inc each bought 200 November, pit sources said.
The demand for soy remains solid but attempts to rally prices continue to be stymied by persistent reports of big yields in the harvest of this year's US soy crop, traders and analysts said.
Meteorlogix weather on Friday said drier weather through the weekend and early Monday would boost harvest activity in the US Midwest. Showers may return to the Midwest by late Monday but there are no significant concerns about serious harvest delays.
Exports were quiet overnight but the market continues to deal with talk that China is buying parcels of US soy on an almost daily or weekly basis.
Cash basis bids for soy in the Midwest were steady to weak as harvest activity remained brisk.
Soymeal was up $1.00 to $1.50 per ton amid spillover from the firm tone in soy and on unwinding of oil/meal spreads, traders said. Soyoil recently climbed sharply relative to soymeal, leaving open the potential for an adjustment of the soy product spreads.
October was up $1.50 at $165.20 per ton. No deliveries on the October contract also may be construed as a bit supportive and registrations with the CBOT were unchanged at 251 lots.
Soyoil was 0.03 to 0.11 cent per lb lower on mild profit-taking after the recent strong advances in soyoil. Unwinding of oil/meal spreads also weighed on soyoil.
October was down 0.10 at 23.72 cents per lb. Commercial stopping of deliveries on the October and demand for soyoil to fuel the biodiesel sector continues to help keep a floor under soyoil futures.
Deliveries on the October were light at 83 lots.
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