Soyabean futures at the Chicago Board of Trade climbed Tuesday on spillover strength from the wheat rally and worries about a high pressure ridge moving into the US Midwest next week, creating drier crop growing conditions, traders said.
July soyabeans were up 6-1/4 cents at $8.10-1/2 per bushel by 11:25 am CDT (1625 GMT). The deferreds were up 5 to 7-1/4 cents. Rand Financial bought 1,000 November soyabeans, traders said.
Chicago wheat was rose nearly the 30-cent trading limit in response to Canadian farmers slashing the number of wheat acres they planted this spring. Soyameal followed soyabeans higher while soyaoil was hovering near some technical selling levels, slipping below its 10-day moving average. July soyameal was up 70 cents at $220.80 per ton, with the back months up $1 to $2.
July soyabean oil was 0.01 cent per lb weaker at 35.07 cents, breaking through and then slipping below its 10-day moving average of 35.28 cents per lb. The deferreds were steady to 0.09 cent lower. Outlooks for US soya acreage and stocks to shrink in the years ahead as farmers plant more corn and fewer soyabeans remains a supportive feature.