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Chicago Board of Trade soyabean futures turned up by Tuesday's midsession, led by the new-crop months as the old-crop/new-crop soya and corn/soya spreads adjusted, traders said. New-crop soyabeans were technically oversold after several down days while new-crop December corn held firm.
Old-crop May soya was up 8-1/2 cents at $12.05-3/4 per bushel and new-crop November soyabeans were up 46-1/2 cents at $11.36 per bushel by 11:51 am CDT. Overnight volume was huge. Futures trade in soyabeans was 39,398 contracts, soyameal was at 8,945 lots and soyaoil was 10,860 contracts. Soyabean and soyameal volume was five times that of the evening before and soyaoil trade was 2.5 times higher.
Futures margins to trade soyabeans increase to $5,400 per contract from $4,388, effective Tuesday night. Spot US Midwest basis bids for soyabeans were up about 5 cents, underpinned by a lack of farmer sales. Most elevators were only offering basis-only contracts, dealers said.
Cold, damp weather across the Midwest is delaying spring field work and early corn planting. Forecast calling for more rain this week, with the heaviest in the southern belt, according to DTN Meteorlogix.
Prospects for more US export business was supportive as the Argentine farmer strike continues. Argentina is the world's top soyameal and soyaoil exporter and the third-largest soyabean exporter.
USDA reported Monday that US soyabean stocks on March 1 were 1.428 billion bushels, compared with estimates for 1.290 billion to 1.425 billion. The government also forecast a jump in US soyabean plantings to 74.8 million, compared with 63.6 million seeded in 2007.

Copyright Reuters, 2008

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