US soyabean futures at the Chicago Board of Trade were choppy at Wednesday's midsession as the market was taking a breathier from this week's volatility when it reached an all-time over $13 a bushel, trader said.
January soyabeans were down 1-3/4 cents at $12.54-3/4 a bushel by 10:40 am CST (1640 GMT). The back months were down 1 cent to up 10 cents. The early feature was Newedge, previously Fimat USA, selling 1,000 March soyabeans, traders said.
Soyaoil was gaining on meal as soyaoil saw spillover strength from a strong Asian market when Malaysian palm hit a record high amid talk that India will cut its edible oil duty. A $1 per barrel bounce in the New York crude oil market was also supportive.
January soyaoil was up 0.09 cent at 50.60 cents per lb, with the deferreds up 0.09 to 0.25 cent. The soyameal market was down $3.20 per ton to up $1.30; January was $3.20 lower at $343.30.
Traders continue to monitor the weather in Argentina, the third-largest soya producer, as the area is hot and dry. Forecasters were calling for a better chance of rain, 0.3 inch to 1.5 inches, for Wednesday night into Thursday, but it was uncertain how much moisture the major crop areas will see, a DTN Meteorlogix forecaster said.