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Soyabean futures at the Chicago Board of Trade were higher near midday Wednesday as the market remained technically strong, traders said.
"We sold off yesterday and we're getting a little bit of a bounce today," said oilseed analyst Anne Frick with Prudential Financial. "Technically the market still looks strong, especially if you look at the nearby contract basis."
July soyabeans were up 7 cents at $8.00-1/4 per bushel, breaking through key resistance at $8 by noon CDT (1700 GMT). New-crop November was up 7-3/4 cents at $8.30.
Buying was scattered among commission houses while light commercial sales surfaced with Bunge and J.P. Morgan each selling 100-200 July, traders said. Also supportive was some concern about dryness in the eastern Corn Belt, but light scattered showers were expected to move through by the weekend, traders said.
Soyaoil was firm on bounce after Tuesday's sell-off. The strength in the New York crude oil market added support. CBOT soyameal was up, following the strength in soyabeans, traders said. July soyaoil was up 0.26 cent at 35.09 cents per lb, with the deferreds up 0.03 to 0.28 cent.
July soyameal was $2 per ton higher at $216.80, with the back months up $2.40 to down $1.50. US Census Bureau will release its April crush figures on Thursday. The average crush estimate of analysts polled by Reuters was 145.9 million bushels, down from the 155.9 million crushed in March. The average soyaoil stocks estimate was for 3.318 billion lbs versus 3.366 billion in March. For soyameal stocks, the average of analysts' estimates was 353,800 tons, down from March meal stocks of 330,292 tons.

Copyright Reuters, 2007

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