Soyabean futures at the Chicago Board of Trade rose early Thursday on concerns that dry weather in the eastern Midwest was stressing young crops and slowing soyabean emergence, traders said.
Forecasts indicated little relief in sight from the dryness in eastern Illinois, Indiana and Ohio for at least a week. Models disagreed about next six- to 10-day forecast, prompting traders to add some weather premium into soyabean and corn prices.
July soyabeans were up 7-3/4 cents at $8.33-1/2 per bushel by 10:30 am CDT (1530 GMT). The back months were up 2 to 8 cents. Commercials were buying soyabeans. Processor Bunge bought 400 July; Iowa Grain and Tenco each bought 200 November, traders said.
Soyaoil was also strong, rebounding from Wednesday's sell-off and supported by the strength in crude oil and a firm close in Malaysian palm oil futures. July soyaoil was up 0.53 cent at 35.40 cents per lb, with the deferred months up 0.50 to 0.53.
Soyameal was supported by the strength in the other CBOT markets, up $1 to $1.60 per ton. July meal was $1.30 per ton higher at $231.30. Weekly export sales statistics or an industry group's monthly crush data released before the open came in near expectations for soyabeans, providing little market direction.
The National Oilseed Processors Association said its members crushed 143.4 million bushels of soyabeans in May, which was within estimates for 142.5 million-146 million. US soyameal export sales were 78,300 tonnes (68,700 tonnes old-crop) last week, within estimates for 50,000 to 125,000 tonnes.
USDA reported last week's soyabean oil export sales at 21,300 tonnes (all old crop), bigger than expected as estimates ranged from nil to 10,000 tonnes. NOPA's crush data showed US soyaoil stocks growing to 2.924 billion lbs in May from 2.902 billion in April.