March up 13-1/2 cents at $9.89-3/4 a bushel; May up 13 at $9.96-3/4. Technical buying after slipping below $10 on Tuesday. Worries about smaller South American crop despite recent rains in Argentina, third largest soy exporter, and forecasts for more, weigh. Showers on Wednesday aiding crops in Argentina's Cordoba and Santa Fe areas but other areas missed out.
Indications the drought will continue in La Pampa and south-east Buenos Aires while other areas could go either way. Good crop weather seen in Brazil. Paraguay estimated its 2008/09 soybean crop at 3.8 million tonnes, 43 percent below the previous harvest of 6.8 million due to drought. Brazil soy crop revised down to 57.7 million tonnes-AgRural. Analysts expect US Census Bureau to report December soy crush at 139.8-141.5 million bushels, versus 144.6 million in November. Midwest spot soybean bids steady/firm. Winter storm in eastern Corn Belt slowing movement-dealers.
SOYMEAL: March up $3.80 per ton at $312.40. Turned higher as soybeans rallied.
SOYOIL: March up 0.20 cent at 32.97 cents per lb. Turned up with soybeans. Crude also firmer, rebounding from Tuesday's big drop on outlooks for government to report bigger weekly crude and gasoline stocks. Government confirmed early Wednesday big jump in weekly crude stocks - up 6.2 million barrels while gasoline stocks off 100,000 barrels. Iran tenders to buy at least 20,000 tonnes of soyoil and 20,000 tonnes of sunflower oil.