US MIDDAY: soyabeans firm

The Chicago Board of Trade soyabean market climbed early Wednesday on follow-through technical buying from Tuesday's short-covering rally, with July soya quickly surpassing its 200-day average, traders said.
The May contract, now in delivery, was up 3 cents at $5.95-1/2 per bushel. The more actively traded July contract was 3 higher at $6.07-1/2, surpassing its 200-day average of $6.09 to reach an early top of $6.11.
ADM Investor Services and J.P. Morgan were among the early buyers. The featured player was UBS Warburg selling 1,000 July, which quickly took soyabeans off their highs.
Speculative money continues to flow into the commodity markets as investors turn to hard assets, like soyabeans and soyaoil, amid inflationary fears.
Also supportive were prospects that US soyabean exports could pick up as country movement in Brazil, a competitor for export business, was stalled due to farmer protests now in their third week.
Brazilian farmers were not selling their freshly harvested soyabeans as they protested the low price their soyabeans are fetching due to the strength of Brazilian real against the dollar. A national protest is planned for May 16.
US Midwest spot basis bids for soyabeans were mostly steady on Wednesday, with country sales slow, dealers said.
There was another round of large soyabean deliveries on Wednesday, a sign of ample supplies. There were 979 May soyabean deliveries, which were met by scattered stopping.
CBOT soya registrations fell to 3,819 lots late Tuesday, from 3,854.
The soya products were also firm, following the strength in soyabeans. May soyaoil was up 0.07 cent at 24.77 cents per lb and July was 0.07 cent higher at 25.15.
May soyameal was 50 cents firmer at $180 per ton and July was up $1 at $180.50.
Soyaoil bounced back from a weak open when commercials Term Commodities and Bunge each sold 200-500 July, traders said.
CBOT soyaoil was firm despite the weakness in the energy markets. Soyaoil has been tracking the moves in crude oil amid prospects for increased soya biodiesel use.
There were no deliveries on the May soyameal contract, while there were 661 May soyaoil deliveries.
CBOT soyameal registrations were unchanged at 31 lots late Tuesday. Soyaoil registrations were also unchanged at 6,688 contracts.