Soyabean futures at the Chicago Board of Trade were mixed early on Tuesday with the market languishing a bit amid a turn to good crop weather in the US Midwest, traders said.
At 10:06 am CDT (1506 GMT), CBOT soya was down 1-1/4 cents per bushel to up 1-1/4, with August down 3/4 at $5.62-1/2 per bushel. New-crop November was up 3/4 at $5.82-3/4 per bushel.
Traders said Man Financial and FIMAT Futures each sold 300 November and R.J. O'Brien bought 500 November.
The market opened lower then began stabilising and showing some buoyancy. Soyabean futures on Monday plunged to fresh 3-1/2 month lows and new contract lows in the August and September delivery months. That drop left soya floundering near oversold technical areas, leaving it vulnerable to bargain buying and short-covering.
Scattered rainfall and warm temperatures are expected in the US Midwest crop region over the next week to 10 days, a private forecaster said on Tuesday.
"The shower activity and temperatures that are not that far from normal will aid the filling corn and soyabean crops," said Meteorlogix forecaster Joel Burgio. Deliveries Tuesday on the August contract remained heavy at 1,343 lots and there was scattered stopping, another reminder of a lack of aggressive demand for spot soya.
Technical support in new-crop November was at $5.78-1/2 per bushel and resistance was at $6.04. Soyameal was down 90 cents per ton to up $1.00 and August was down 40 at $158.50 per ton.
Deliveries of soyameal on the August contract remained heavy at 524 lots. Commercial trader Bunge stopped 390 lots.
Soyaoil futures were firm ranging from 0.14 to 0.25 cent per lb higher, with August up 0.16 at 26.32 cents per lb.