Surging gold markets and a supportive acreage report released on Friday boosted Chicago Board of Trade soyabean futures nearly 3 percent in early dealings, traders said.
Concern about some forecasts for hotter and drier weather in the western Midwest and aggressive end-of-the-quarter buying by investment funds also lifted soya futures to 2-week highs in fast trading.
At 11:06 CDT (1606 GMT), soya was up 11-1/2 to 17 cents per bushel, with July up 16-3/4 at $5.98-1/2 per bushel. New-crop November was up 17 at $6.26-1/2.
Traders said Calyon Financial and Rand Financial each bought 1,000 November, Iowa Grain and Man Financial each bought 500 November.
The US Agriculture Department said early Friday in its June plantings report US soya acres this year totalled 74.9 million, below estimates for 75.1 million and below USDA's March outlook for 76.9 million.
"The bean number was a larger drop than the average guess, but still within trade ranges," a trader said. And USDA in its quarterly stocks report said soya stocks on June 1 were at a record 990.14 million bushels, below an average of analysts' estimate for 1.016 billion.
Friday was first notice day for deliveries on the July contract and traders said the total amount of soya issued had little, if any, impact on the market. The CBOT said soya deliveries totalled 2,176 lots, which was within estimates for 500 to 3,000 lots.
Export activity included news Taiwan passed on a tender to buy 30,000 to 60,000 tonnes of US or Brazilian soyabeans due to pricing concerns and the cash basis for soya in the Midwest was steady on Friday amid quiet farmer sales.
Soyameal was $1.30 to $4 per ton higher, with July up $2.30 at $174.70 per ton.
Traders said soyameal was following soyabeans, but gains were limited by deliveries on the July contract. The CBOT reported soyameal deliveries Friday at 711 lots, above estimates for 300 to 500 lots.
Soyaoil was 0.50 to 0.67 cent per lb. higher, with July up 0.58 at 26.22 cents per lb.
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