Soyabean futures at the Chicago Board of Trade recovered from a weak open, turning higher on Thursday on follow-through technical buying from the day before, traders said.
November soyabeans were up 1-3/4 cents at $5.90-3/4 per bushel, after reaching $5.95-1/2. The deferred months were 1-1/4 to 8 cents higher by 11:30 am CDT (1630 GMT).
Commodity funds were buyers of November soya, including Refco Investor Services, Calyon, R.J. O'Brien and ABN Amro, traders said.
The market got a shot of adrenaline on Wednesday, closing about 25 cents higher after the USDA issued monthly crop figures that were smaller than traders expected. But the government's October US soya stocks and crop estimates were still bigger than the previous month.
"The fundamentals certainly don't support yesterday's rally. But psychologically and technically, the market has its eyesight at $6. So we're probably not going to see much of a back-off in terms of aggressive selling until we get closer to those levels," one cash-connected CBOT trader said.
Commodity funds bought 15,000-18,000 soyabean contracts, led by Refco's purchase of around 6,500 lots, traders estimated.
The harvesting of a large US soya crop loom over prices.
Meteorlogix on Thursday said there should be no significant harvest delays over the next five days, but it may become wetter in the Midwest next week.
October soyameal was up $2.10 per ton at $175.30, December was $1.80 higher at $177.70.
October soyaoil was down 0.27 cent at 23.83 cents per lb, and December was down 0.16 cent at 24.03 cents.
In the overnight delivery market, there were 36 soyameal deliveries posted against the October contract on Thursday. Prudential Securities customers issued and stopped the soyameal. Registrations with the CBOT were unchanged at 251 lots.
There were no soyaoil deliveries and CBOT registrations were unchanged at 4,519 lots. Friday is the last trading day for October soyameal and soyaoil.
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