Soyabean futures at the Chicago Board of Trade rallied early Thursday, led by the March contract, supported by firm US cash markets and rolling of nearby short positions before first notice day, traders said. The March contract was 7-1/4 cents higher at $5.18 per bushel by 10:05 am CST (1605 GMT) and at a 3-cent premium to May. The May contract was up 4-1/4 at $5.15-1/2, while the other months through November were up 4-1/4 to 6-1/2 cents.
R.J. O'Brien and O'Connor each bought 200-400 March, traders said. Firms also continued to roll their March short positions before February 28 first notice day, giving the nearby month an added lift.
US cash markets remain underpinned by a lack of farmer bean sales and fresh export interest.
US Gulf FOB soyabean basis offers jumped, with first-half March offers up 7 cents late Wednesday amid fresh export interest and a brief closure of the Mississippi River in Louisiana after several barges broke free.
"There is some demand for March shipment beans because of problems in getting supplies from Brazil," an FOB trader said.
CIF soyabean values at the US Gulf were firmer on Thursday morning.
US weekly export sales were slightly bigger than expected, another supportive input. The US Department of Agriculture reported on Thursday last week's US soyabean export sales at 562,300 tonnes. That was above estimates for 300,000 to 500,000 tonnes.
CBOT soyameal and soyaoil futures were higher on short covering. The nearbys led the market higher early, as funds rolled their March shorts.
March soyameal was up $2.40 per ton at $155.70, with the deferreds up $1.50 to $2.50. March soyaoil was up 0.16 at 19.31 cents, while the back months were steady to up 0.17.
Weekly export sales data were viewed neutral for both soyameal and soyaoil prices.