Chicago Board of Trade soyabean futures surged early Wednesday, supported by the strength in soyabean oil and crude oil, traders said. The soyabean market was also due for a bounce after sliding to a one-month low this week, following a sell-off in global equity markets.
March soyabeans were up 12 cents per bushel at $7.45 by 10:05 am CST (1605 GMT). May was up 11-1/2 at $7.59-1/4. UBS Warburg was the featured player buying 2,500 May soyabeans, traders said. March soyameal was up $4.70 per ton at $218.20, with the back months up $3 to $4.10.
March soyaoil was 0.24 cent higher at 29.69, with the deferred months up 0.23 to 0.30 cent. Soyabeans and its products were moving higher in tandem with the crude oil market which bounced $1 per barrel after the government reported a surprising drop in US crude stock inventories. With the increased speculative money invested in commodities markets, they tend to move together.