Soyabean futures at the Chicago Board of Trade were 6 to 8 cents per bushel higher early Thursday on a rebound after sliding this week amid an industry-wide sell-off in commodities, traders said.
There was also some support stemming from a strong weekly export figure and a private industry group forecast that US farmers planted 2.5 million fewer acres to soyabeans this spring than what the USDA forecast in March.
Memphis-based analytical firm Informa Economics released its updated US acreage estimates on Thursday, pegging US soya acres at 74.385 million, trade sources said. That was below USDA's current estimate of 76.9 million acres. Traders have been expecting the government to cut its soya plantings number by roughly 2 million.
July soyabeans were up 7 cents per bushel at $5.96-1/2, with deferreds up 5-1/4 to 8-1/2 by 11 am CDT (1600 GMT).
Commodity funds were buying new-crop November, traders said. Goldenberg Hehmeyer, Citigroup, Fortis and Tenco each bought 200-500 November, traders said. USDA reported net export sales of US soyabeans last week at 438,700 tonnes (old and new crop), above estimates for 100,000 to 300,000 tonnes.
On a bearish note, Midwest weather outlooks were looking favourable for the growth and development of the US soyabean crop. Midwest forecasts issued on Thursday were wetter than outlooks released earlier in the week, with showers expected to move across the driest area of the Midwest on Friday and Saturday.
The soya products were firm on a technical bounce after Wednesday's slide. July soyameal was up 60 cents at $179.80 per ton, with deferreds up 50 cents to $1.70. July soyaoil was up 0.24 cent at 25.01 cents per lb, with the backs up 0.10 to 0.27 cent.
US export soyaoil sales were at 2,900 tonnes, within estimates for nil to 10,000 tonnes. Spot basis bids for soyabeans were firm in the US Midwest early Thursday, underpinned by slow movement, dealers said.
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