Soyabean futures on the Chicago Board of Trade climbed to one-year high by Tuesday's midsession, following a rally in corn and wheat, traders said.
November soyabeans were up 5 cents at $6.22-1/2 per bushel by 11:10 am CDT (1610 GMT), after reaching $6.25 - the highest level for the spot month since August 2005. The back months were 5 to 5-3/4 3 cents higher.
Buying was scattered among commission houses. RJ O'Brien, O'Connor, Calyon each bought 200 to 300 November, traders said. Firms were also rolling November positions before the start of the delivery period at month's end.
Much of the recent strength in soyabeans was tied to continued strength in the grain markets as the price relationship between the grains and soya has moved to historically tight levels.
That was encouraging US farmers to plant a lot more corn next spring at the expense of fewer soyabean acres. The soya/corn spread was correcting some in the past week, as the market tries to keep some balance between corn and soya plantings.
There was some concern that the rally in soyabeans was deterring China from fresh soyabean purchases, traders said.
Part of the slow sales is that farmers want higher prices but wet weather in the eastern Midwest was stalling harvest.
The US Department of Agriculture reported late Monday 76 percent of the US soya harvest was complete, behind the five-year pace of 78 percent. Traders expected the soya harvest to be 77 to 80 percent complete.
Indiana, Ohio and Michigan were among the states that were the farthest behind, with all three states having less than 60 percent of their beans off the field.
More wet weather over the next few days in the eastern Midwest should add to delays, said Meteorlogix weather service.
December soyameal was up $1.70 per ton at $184.60. The back months $1.10 to $2.60 higher.
December soyaoil was 0.18 cent per lb higher at 26.74 cents. The deferreds were 0.08 to 0.35 cent.