Soyabean futures at the Chicago Board of Trade ended up 2 percent on Monday following surging wheat and corn markets, traders said. "Beans are just going along for the ride, trying to salvage bean acres for next year," said Dan Cekander, analyst for FIMAT USA.
CBOT wheat rallied to 10-year highs on Monday and corn to two-year highs with the wheat market locked up its 30-cent trading limit or 7 percent, and corn up nearly its 20-cent limit or 7 percent.
"This is all about wheat. Everything else has to go up at least a little to keep the spread relationship somewhat rational," a trader said. CBOT soya closed up 4 to 11-1/2 cents per bushel, with November up 10-1/2 at $5.74-1/2 per bushel.
Wheat continued to climb amid fund buying amid dwindling global stocks of wheat and talk Australia's wheat crop may have been hurt more by drought that thought.
The record large stocks of soya are slowing rallies in soya and harvesting of a potential record large US soyabean crop, traders and analysts have said.
Meteorlogix weather on Monday said colder and wetter weather over the next week would cause some harvest delays but this does not appear to be the start of a wet pattern. Soyabean futures continue to struggle against the bearish fundamental input from the big socks of soya and the likely harvest of another large soyabean crop in the United States.
Exports were quiet over the weekend and cash basis bids for soyabeans in the Midwest late on Friday were steady amid scattered farmer selling. On Friday's CFTC commitments of traders report for futures and options combined showed that as of last on Tuesday, large speculators were long 51,914 lots, up 928 from the previous week and short 100,651, down 352 lots.
The November contract late last week moved above resistance at its 50-day moving average of $5.61 per bushel, an area of important support for Monday's market. Key resistance is at its 100-day MA of $5.88-1/4 per bushel.
Soyameal was up $2.70 to $1.00 per ton, with October up $2.70 at $168.70 per ton.
On Friday's CFTC commitments of traders report for futures and options combined showed that as of last on Tuesday, large speculators were long 24,976 lots, down 1,100 from the previous week and short 57,847, down 692 lots. Soyaoil futures were up 0.70 to 0.80 cent per lb, with October up 0.70 at 24.70 cents per lb.
Gains in soya, strong crude oil markets and firm overnight trend in Malaysian palm oil futures boosted Soyaoil. Gains were limited by the big supply of vegetable oils globally.
A Reuters poll showed Malaysian palm oil stocks at a record high in September as exports languished amid rising production. On Friday's CFTC commitments of traders report for futures and options combined showed that as of last on Tuesday, large speculators were long 35,489 lots, down 4,231 from the previous week and short 52,431, up 4,227 lots.
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