Soyabean futures at the Chicago Board of Trade were higher early Wednesday on a short covering bounce after recent declines pushed the market into oversold technical territory, traders said.
January were up 6-1/2 cents at $5.60-1/2 per bushel by 10:10 am CST (1610 GMT). The deferred months were 4-1/2 to 6-1/2 cents higher. The nine-day relative strength index for January soya closed Tuesday at 30, a level viewed as an oversold market. Strong US cash markets for soyabeans amid a lack of country movement were supportive.
Light commercial buying was noted early in the session, with ADM Investor Services, Bunge, Rand Financial and ABN Amro among the early buyers, floor traders said.
Overnight export business featured Taiwan buying 60,000 tonnes of US soyabeans.
The soya-products were mixed with soyameal following soyabeans and supported by firm cash markets, while soyaoil was pressured by heavy commercial deliveries against the December contract on first notice day. December soyameal was up $3.70 per ton at $174, with the deferred months $2.90 to $3.90 higher. December soyaoil was 0.10 cent per lb lower at 20.85 cents, with the deferreds 0.09 cent lower to up 0.19 cent.
There were 1,978 soyaoil deliveries put out by the house account of ADM Investor Services. There was scattered stopping of the soyaoil. Traders had expected from 300 to 500 lots.
CBOT soyaoil registrations were unchanged at 4,519 lots late Tuesday.
But there were no December soyameal deliveries, which was expected due to the firmness in US cash soyameal markets. Trade estimates were for zero to 100 deliveries. Soyameal registrations with the CBOT were unchanged at 238 lots.