Chicago Board of Trade soyabean futures were higher on Wednesday on strong domestic cash prices as US oilseed processors attempted to buy very limited soyabean supplies, brokers said.
US soyabean supplies are expected to drop to a 27-year low by August 31, leaving processors scrambling to buy fresh supplies.
Moreover, recent cool US Midwest temperatures have slowed late crop development, which may push back the early US Midwest harvest that soyabean users were especially counting on this year, some CBOT brokers said on Wednesday.
CBOT soyabeans were up 3/4 cent to 7-3/4 cents, with September up 7-3/4 cents at $5.99-1/2 and November up 6-1/2 cents at $5.90-1/2. The firm prices followed a lower open on technical selling after Tuesday's gains, brokers said.
Caylon Financial bought 200 November, Rand Financial bought 400 November, Cargill Investor Services bought 500 November, and R.J. O'Brien bought 800 November, turning the market higher, they noted.
CBOT soyameal futures were last up $1.30 to $3.00 per ton, with September up $3.00 at $201.30 and December up $1.70 at $179.30. Rand Financial bought 300 December, brokers said.
CBOT soyaoil futures were last up 0.07 cent to 0.25 cent per lb, with September up 0.07 cent at 23.33 and December up 0.22 cent at 22.57 cents. Fimat Futures and Rand Financial each bought 100 December, while Iowa Grain bought 100 September and 100 December, brokers said.