US soyabean futures on the Chicago Board of Trade were firm early Tuesday on spillover buying from the roaring wheat markets, traders said. Spring wheat futures on the Minneapolis Grain Exchange notched a new all-time high for any US wheat contract overnight, soaring the 30-cent limit to $13.27.
The wheat market remains supported by strong demand for high-protein wheat. But soyabeans slipped from their early highs when Chicago wheat dipped on profit-taking, a move spurred when Minneapolis backed off its top of $13.27.
March soyabeans were up 5-3/4 cents at $12.59-1/2 a bushel by 10:25 am CST (1625 GMT). The deferreds were up 4 cents to down 1/4 cent. For the second straight day, the old-crop months were gaining on new-crop amid expectations of a jump in US soya acres, including double-crop beans which would be seeded following the southern harvest of the Midwest soft red winter wheat crop.
The products moved in tandem with soyabeans. March soyameal was up $1 at $337.60 per ton, and deferreds were up $1 to down 30 cents. March soyaoil was 0.29 cent per lb higher at 52.84 cents. The back months were up 0.15 to 0.38.
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