The Chicago Board of Trade soyabean market was up and down early Tuesday, caught between reminders of large US soya stocks and a technical bounce as prices were below all key moving averages, traders said.
March soya was up 4-1/2 cents at $5.84 per bushel and May was 4-1/4 higher at $5.97-1/4 by 10:45 am CST (1645 GMT). The May contract broke through nearby resistance of $5.95, reaching $5.98-1/2 before retreating.
Early strength in the soya products amid fresh commercial buying helped give soyabeans a lift, traders said.
The soya market was also technically weak and due for a bounce after last week's sell-off. Also supportive was the potential for fresh buying by funds. That kept traders edgy, especially on Tuesday, when end-of-the-month positioning could occur.
There were large first-day deliveries against the March soyabean contract, more reminders of ample US stocks. There were 2,771 March contracts delivered, within the range of estimates for 2,000 to 3,000 lots.
CBOT soyabean registrations late Monday rose to 3,859 lots, up from 1,903 lots on Friday. CBOT soyameal was also choppy while soyaoil was firm amid commercial buying.
March soyameal was up 50 cents at $177 per ton, May was 40 higher at $178.80. There were no soyameal deliveries on the March contract, within the range of estimates from none to 400 lots.
CBOT soyameal registrations Monday afternoon were unchanged at 34 lots. March soyaoil was 0.31 cent per lb firmer at 23.30 cents and May was 0.28 higher at 23.65.
Commercials Bunge and Term Commodities each bought 100-300 May soyaoil, traders said. Calyon also bought 300 May. Commercial stopping of large first-day deliveries against the March contract was viewed supportive.
There were 2,076 March soyaoil contracts delivered on Tuesday, above estimates for 1,000 to 2,000 lots. The Bunge house account was the biggest stopper taking 1,276 lots and the Term house account stopped 582 lots.
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