Soyabean futures on the Chicago Board of Trade were called to open 2 to 4 cents per bushel higher on Friday on follow-through momentum from Thursday's firm close. Additional support stemmed from concerns about forecasts for an early frost this weekend in the upper Midwest, which may damage some late-maturing crops.
As well, worries about a drop in South American soyabean plantings added strength. The surge in CBOT wheat prices to all-time highs this week may entice South American farmers to plant more wheat this season at the expense of soybeans. Such a development would run contrary to early prospects for an increase South American soy acres.
Yet South American analysts Agroconsult on Friday forecast Brazil's 2007/08 soyabean production at a record 62.3 million tonnes, up 6.4 percent from 58.6 million tonnes in 2006/07.
The overnight e-cbot trend for soyabeans was up 3-3/4 cents per bushel to down 1/2 cent, with bellwether November up 3-3/4 cents at $9.45. Soya products were called higher, following higher calls in soybeans and extending soyoil's climb to 23-year highs this week. Soyaoil was called 0.05 to 0.10 cent per lb higher, and soyameal was called $1 to $2 per ton higher.
CBOT soyaoil was up 0.13 to down 0.02 cent per lb in overnight e-cbot trade, with most-active December up 0.13 at 39.80 cents, a new contract high. CBOT soyameal was up $1.80 to $2.30 per ton overnight. August data from the National Oilseed Processors Association was viewed slightly bearish.
CBOT September grain and oilseed contracts expire at 12:01 pm on Friday. In the delivery market, September soyabean deliveries were light at 109 lots. There were also 359 soymeal deliveries and 227 soyoil deliveries.
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