Soybean futures at the Chicago Board of Trade turned up Friday and climbed on technical buying, traders said. "Technically, soybeans and oil look strong for the short term - they both turned around this morning," one CBOT trader said.
"The weather looks a little better for corn planting so it doesn't look like we will gain as many bean acres as we thought before," he added. The market was also attracted to $7.20 in May soybeans ahead of option expiration at Friday's close, traders said.
May soybeans were up 5-1/4 cents at $7.23-1/2 per bushel by 11 am CDT (1600 GMT). The back months were up 3-1/2 to 5 cents. The soybean market was due for a technical bounce, after falling to a 2-1/2 month low earlier this week. Soybean oil was up 0.12 to 0.27 cent per lb, with May up 0.18 cent at 31.74 cents. Soymeal was 90 cents to $2.50 per ton higher, with May up $1.60 at $198.50.