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Soyabean futures on the Chicago Board of Trade surged on Wednesday as prospects for increased export interest spurred a rebound from the previous day's sell-off, traders said. Spot month bounced after hitting a two-month low on Monday on bearish USDA US soya stocks and acreage data.
Old-crop may soyabeans ended 32 cents higher at $12.43 per bushel. New-crop November closed 22-1/2 up at $11.69-3/4. Products were strong. Oil gained on meal due to oil/meal spreading. CBOT May soyameal settled 50 cents up at $331 per ton. May soyabean oil closed 2.90 cents per lb higher at 55.05 cents. Price limits for soyaoil revert to normal, 2.5 cents per lb for Thursday.
Soyabeans stay at 70 cents and soyameal at $20. A strike by stevedores and port workers slowed ship movement through Brazil's main grain port of Paranagua, helping lift old-crop soya futures. A strike would force customers back to the United States for nearby supplies. Argentine farmers suspended a 21-day strike protesting a soya export tax hike that halted Argentine exports.
Even though Argentine strike called off for 30 days, it will take a while for soya supplies to work their way back into the pipeline, a supportive feature, analysts said.
USDA confirmed China bought 226,000 tonnes of Bearish for soyabeans was forecasts for more Midwest rains on Thursday, with the heaviest amounts expected in the south-east belt. Spring fieldwork and corn planting is stalled, which could eventually lead to more seeding of soyabeans, a crop planted later. In Dalian markets overnight, nearby soyabeans were firmer, soyameal was mostly lower and soyaoil was mixed.
Malaysian palm oil futures closed mixed. US Midwest basis bids for soyabeans firmer, up as much as 12 cents amid slow farmer sales. Volume in CBOT soyabean futures was moderate on Wednesday at 190,403 contracts, down from 294,100 on Tuesday.

Copyright Reuters, 2008

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