Soyabean futures at the Chicago Board of Trade were rangebound early on Tuesday, following an early light-volume rally, traders said. Thin trade made the market vulnerable to price swings, traders said.
January soyabeans were up 1/2 cent at $5.95-1/2 per bushel by 10:15 am CST (1615 GMT). The deferreds were 1-1/2 to 2-1/2 cents higher. The market was firm on a mild technical rebound after Monday's sell-off. Firm cash markets amid light farmer sales remain supportive. There also was talk of fresh buying interest in US soyabeans by China this week.
Rand Financial, Refco and R.J. O'Brien each bought 100-200 January, traders said.
But the recovery was limited as US stocks are plentiful, despite being held in tight hands, traders said.
Rains fell across the soyabean growing areas of Argentina in the past day. Dry conditions or just a few light showers during the next two days is expected with another round of rain forecast for Thursday.
Brazil was mostly dry in the past day. Showers were expected by later this week.
Deliveries on the expired November contract totalled 229 lots. A customer of R.J. O'Brien delivered 165 lots and an O'Brien customer also was the key stopper of 204. Registrations with the CBOT sagged to 1,770 lots from the previous 1,790. CBOT soyameal futures followed soyabeans higher. December soyameal was up 80 cents at $181 per ton, with the deferreds up 40 cents to $1.20.