Soyabean futures at the Chicago Board of Trade rallied on Thursday morning following the rebound in soyameal, traders said. Soyabeans turned around amid a wave of technical buying by commodity funds as the May contract surpassed its 100-day moving average of $5.98-1/2 and reached $6.00-1/2.
March soya was up 7-1/2 cents at $5.85 per bushel and May was 7 higher at $5.98 by 10:50 am CST (1550 GMT). March soyameal was $2.10 per ton higher at $174.50 and May was up $1.70 at $176.30.
Trade talk that some flamingos that recently died in the Bahamas had tested negative for bird flu - easing early concerns about the deadly virus spreading to the mainland - was supportive to soyameal, traders said. There was no confirmation.
However, the Bahamian government said late Wednesday that only five birds died, not the 21 initially reported, reducing the likelihood of an outbreak of the deadly bird flu virus.
The US Agriculture Department said last week's soyabean export sales were 552,400 tonnes (old and new crop), compared with estimates for 350,000 to 550,000 tonnes.
China booked 250,500 tonnes of old-crop soya, 32 percent of the total old-crop sales of 367,400 tonnes.
Registrations with the CBOT unchanged at 3,859 lots. Midwest spot cash basis bids for soya were firm early Thursday, supported by processor demand due to slow cash sales, dealers said.
Soyameal led the market higher but then soyaoil gained on meal, repeating this week's trend. March soyaoil was up 0.57 cent at 24.37 cents per lb, with May up 0.57 at 24.72.
Little direction was given from US export sales data for soyameal and soyaoil as the numbers were close to expectations. USDA said US soyameal export sales last week totalled 92,400 tonnes (old and new crop), within estimates for 50,000 to 125,000 tonnes. US soyaoil export sales last week were 400 tonnes (old crop), compared with estimates for zero to 10,000 tonnes.
There were no March soyameal deliveries. CBOT meal registrations were unchanged at 34 contracts. In soyaoil, there were 764 March deliveries but they were met again by strong commercial stopping - a supportive sign. The Bunge house account took 265 lots and the Term house account stopped 499 lots. Soyaoil CBOT registrations were steady at 6,233 lots on Wednesday.
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