Chicago Board of Trade soyabean futures settled higher Tuesday on a mix of bargain buying after Monday's one-month low in the July contract and worries about US planting weather, traders said. CBOT July soyabeans settled up 8-3/4 cents at $10.20-1/4 a bushel, a day after dipping to $10.10-3/4, the contract's lowest since April 4.
CBOT July soyameal ended up $3.40 at $385.90 per short ton while July soyaoil fell 0.18 cent at 30.69 cents per pound. Heavy rains in Argentina are complicating the harvest of a soyabean crop that has already been slashed by drought.
The USDA late Monday said the US soyabean crop was 15 percent planted, ahead of the five-year average of 13 percent. However, progress lagged in northern states including Minnesota and North Dakota.
Deliveries against CBOT May soyabeans totalled 68 contracts. The CBOT reported no May soyameal deliveries and no May soyaoil deliveries. Position-squaring noted ahead of the USDA's monthly supply/demand reports on Thursday.-Reuters