Chicago Board of Trade soyabeans last traded higher on Monday in tandem with gains in corn, with new-crop November rising nearly 1 percent. May last traded up 1-1/2 cents at $13.64 per bushel. Gain in new-crop November shows expectations for farmers to plant more of their acres with corn than soybeans. Goldman Sachs forecast 2011 US soybean seedings at 75.6 million acres, compared with the USDA's 78 million.
On the day, funds bought 2,000 contracts of soybeans, 1,000 soyameal and sold 2,000 soyaoil. A weaker dollar and sharply higher crude oil also supported soybean futures. Favourable weather continues in Argentina for late developing crops, though some showers in the north and east are slowing early harvest. Showers in northern Brazil may cause harvest delays, but mostly favourable conditions continue for maturing crops and for harvest in the south. Specs cut soy long positions by 27.7 percent during week ended last Tuesday, according to CFTC. May soyameal last trades down $1.70 at $366.20 per ton.
Support from soybeans. May soyaoil last trades up 0.09 cent at 55.86 cents per lb.