Chicago Board of Trade soyabean futures firmed on Wednesday on early commercial and fund short covering and soyaoil gains due to a cut in Canada's canola crop and export hopes, brokers said.
CBOT soyabean futures were last up 4-1/4 cents to 7 cents, with November up 7 cents at $5.31 per bushel, after topping its 10-day moving average of $5.30. January was last up 5-1/2 cents at $5.38.
Commodity funds bought at least 3,500 lots while commercials traded both sides lightly, brokers said.
Soyaoil futures were last up 0.34 cent to down 0.05 cent per lb, with October up 0.27 cent at 21.32 cents and December up 0.32 cent at 21.48 cents.
Term Commodities bought 300 December, Produce Grain sold 300 December and Refco Inc sold 400 December, brokers said. Support stemmed from a firm close in rival Malaysian palm oil futures and a cut in Canada's canola crop due to frost and too much rain, brokers said.
CBOT soyameal futures were last up 70 cents per ton to $1.70, with October up $1.30 at $153.90 and December up $1.00 at $157.30.
Deliveries on the October soyameal contract on Wednesday totalled 52 lots. A Refco customer issued 19 lots and a customer of Goldenberg Hehmeyer posted 31 lots. A Goldenberg customer stopped all of the soyameal.
Gains in all three CBOT soya pits were limited on Wednesday by ongoing harvest pressure and forecasts for a record US soyabean crop this year, brokers said.