The Chicago Board of Trade soyabean market came off its highs by Tuesday's midsession, pressured by the sell-off in wheat after an early rally, trades said.
July soyabeans were up 3/4 cent per bushel at $5.83-1/4 by 11:35 am CDT (1635 GMT). The back months were 1/4 to 2-1/4 cents higher. J. P Morgan bought 800 July; Fortis sold 1,000 November, traders said.
The soya market was up 4 to 5 cents earlier, trying to recover from technically oversold conditions. Soyabeans closed lower the past three sessions and the nine-day relative strength index for the July soya contract stood at 30 as of Monday's close. Technical traders view a reading of 30 or below as indicating an oversold market.
Good US crop planting weather for the Midwest and a strong seeding pace to this year's crop also kept prices in check, traders said.
"It still looks like a nice warming trend over the next week to 10 days. We've got some more moisture coming in with that - rain for the west on Wednesday and scattered showers from Wednesday to Friday for the eastern Corn Belt," Meteorlogix forecaster Mike Palmerino said.
The US Department of Agriculture said late Monday 55 percent of the US soyabean crop was planted as of Sunday, above trade expectations for 49 to 53 percent and ahead of the five-year average of 51 percent.
July soyameal was down 10 cents at $172.10 per ton, with the back months 10 to 40 cents lower. July soyaoil was up 0.11 cent at 25.03 cents per lb., with deferreds up 0.08 to 0.11 cent.
In export news, Thai importers have bought several cargoes of Argentine soyameal for June shipment and could buy more for July, traders said.
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