The Chicago Board of Trade soyabean market was consolidating and choppy early on Wednesday after hitting a three-month top on Tuesday, traders said.
A combination of profit taking and commercial selling weighed on soyabeans. But soya was gaining on the grains - correcting some after the price spread between soya and the grains moved to historically narrow levels in the past week on outlooks for a record supply of soyabeans and shrinking corn and wheat stockpiles.
November soyabeans were up 1-1/4 cents at $6.01-3/4 per bushel by 11:25 am CDT. The deferreds were up 1/4 to 1-1/2 cents. Calyon bought 1,500 soyabean contracts.
"The market seemed to be struggling at $6," on CBOT trader said. December corn was down 4-1/2 cents at $3.16-1/2 per bushel and December wheat was 15 cents lower at $5.16.
Damp weather this week in the Midwest was stalling harvest, offering some underlying support. Spot basis bids for soyabeans in the Midwest were steady early Wednesday amid scattered sales, dealers said. December soyameal was down $1 at $179.50 per ton and the back months were 20 cents to $1.10 lower. The soyaoil market was 0.08 to 0.20 cent higher, with December up 0.17 cent per lb at 25.85 cents.
Soyaoil was higher despite the weakness in New York crude oil. Soyabean oil tends to track the moves in the energy markets given outlooks for the soya biodiesel market to expand.
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