Soyabean futures at the Chicago Board of Trade rallied early on Tuesday on active seeding of the US corn crop that led to ideas for fewer soya acres this year, traders said. At 10:21 am CDT (1521 GMT), CBOT soya was up 3-1/2 to 5-3/4 cents per bushel, with July up 4 at $7.74-1/2 per bushel.
Traders said the fact USDA late on Monday showed US corn seedings well above estimates and equal to the five-year average led to prospects for reduced soyabean plantings. USDA last Friday forecast the new-crop US soyabean ending stocks at half the current marketing year total and a further reduction in plantings might result in further declines in soya ending stocks.
Soyameal was up 10 cents to $1.90 per ton, with July up $1.40 at $207.90 per ton. Soyaoil was weak on profit taking after Monday's strong rally. Soyaoil was down 0.05 to 0.13 cent per lb, with July down 0.10 at 34.39 cents per lb.