Soyabean futures at the Chicago Board of Trade were called to open 3 to 5 cents pen a light rebound after Tuesday's profit-taking setback, traders said. An expected higher open of 10 to 15 cents in CBOT wheat was viewed supportive.
Long-term fundamentals were bullish as US soya supplies were forecast to shrink to historic levels after this year's smaller harvest and steady export pace. The US Agriculture Department confirmed early Wednesday that exporters sold 120,000 tonnes of US soyabeans to an unknown buyer for 2007/08 delivery within the past day.
Soya products were expected to follow the firmer trend across the CBOT floor, traders said. Soyameal was seen opening 50 cents to $1 per ton higher and soyaoil was 0.10 to 0.15 cent per lb up. Midwest basis bids for soyabeans were mixed, with sales light as farmers wait for higher prices, despite this week's rally to a 34-year top, dealers said.
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