Soyabean futures at the Chicago Board of Trade rallied early Tuesday on lingering support from prospects for a big cut in US soyabean acres, traders said. With the price of corn hovering at a 10-year high, US farmers are expected to plant a lot more corn and fewer soyabeans than they did in 2006.
Trade sources said a farmer survey conducted by Archer Daniels Midland Company and released on Monday pegged 2007 US soya acreage at 67.2 million, below the 75.5 million planted a year ago and USDA's outlook conference planting estimate of 70.5 million. But the government's first planting report based on a farmer surveys will be released on March 30.
Another survey released by Farm Futures Magazine on Tuesday put 2007 US soya acres at 68.9 million. Thinly traded March soya, which expires on Wednesday, was up 4-3/4 cents at $7.57 per bushel by 10:15 am CDT (1515 GMT).
May soya was up 3-3/4 cents at $7.68-3/4 and new-crop November was 4-1/4 higher at $8.08-1/4. November soya closed Monday above $8, the first time since February 28.
The products were higher following soyabeans. Also supportive was an 80-cent per barrel climb in New York crude oil prices. March soyameal was up $1.10 per ton at $219.40 and May was $1.10 firmer at $224.30. Soyaoil was up 0.07 to 0.16 cent per lb higher. March was up 0.13 cent at 30.48 cents and May was 0.15 cent higher at 30.86 cents.
The National Oilseed Processors Association will issue its February crush data of its members on Wednesday morning. Analysts expect the group's crush to come in near 131.9 million bushels, compared to 148.9 million bushels crushed in January.