Soyabean futures on the Chicago Board of Trade rose the 50-cent limit in the front three trading months on Wednesday, following strength in US wheat markets, traders said. March soyabeans were up 50 cents at $13.73 a bushel by 10:54 am.
On average, analysts pegged 2007/08 US soybean ending stocks at 166 million bushels, below the USDA's January forecast for 175 million. Chicago Board of Trade March soyabean oil and May soyameal futures climbed the daily trading limits by Wednesday's midsession amid a broad-based rally in CBOT commodities led by the red-hot wheat markets, traders said.
CBOT March soyaoil climbed the 2-cent trading limit to 57.40 cents per lb and May soyameal rose the $20 per ton limit to $378.40 per ton. Continued rains in northern Brazil's No 1 soy state of Mato Grosso were also supportive.