Soyabean futures at the Chicago Board of Trade were higher early on Wednesday, following a rally in soyaoil and crude oil amid increased tensions between Iran and the West, traders said. At 10:17 am CDT (1517 GMT), CBOT soya was up 5 to 7 cents per bushel, with May up 5-1/2 at $7.62-1/2 per bushel.
Malaysian palm, CBOT soyaoil and crude oil were up sharply overnight in volatile dealings as tension mounted between Iran and Britain and the United States. Crude held strong early on Wednesday in volatile dealings.
Soya/corn and soya/wheat spreading also was noted and traders said positioning was likely ahead of the release early Friday of the US Agriculture Department's March plantings and quarterly stocks reports.
An average of analysts' estimates pegged 2007 US soyabean acreage at 69.179 million, below last year's 75.522 million, and US soya stocks on March 1 at 1.797 billion bushels, above March 1 a year ago of 1.669 billion. Soyaoil was up 0.39 to 0.41 cent per lb, with May up 0.40 at 32.21 cents per lb. Soyameal was up 80 cents to $1.50 per ton, with May up 80 at $215 perton.