Soyabean futures at the Chicago Board of Trade were firm midday Friday, supported by the rally in soyabean oil to contract highs, traders said. Soyaoil was mimicking the strength in the crude oil, which climbed on Iran's seizure of British naval personnel in Iraqi waters.
May soyabeans were up 1-1/2 cents at $7.73-1/4 per bushel by noon CDT. The back months were up 2-1/2 cents to down 2 cents. The soyaoil market made contract highs across the board. May oil was up 0.55 cent per lb at 31.83 cents, following its rise to a contract high of 32.02.
Soyameal was the weakest of the complex, down $1 to $1.90 per ton. Citigroup bought 1,000 July soyabeans and UBS Warburg bought 1,200 soyabean oil contracts, traders said.
Overhanging the market was the advancing South American soyabean harvest. Mostly clear weather over the next seven days in Mato Grosso, Brazil, was seen helping harvest along. US CIF soya values at the US Gulf sank on Thursday as global customers are turning to cheaper-priced Brazilian soya, traders said.