US soyabean futures closed higher on Wednesday, buoyed by short-covering after a limit-down close on Tuesday, traders said. Commercials were cited as buyers, and even index funds were buyers by midday, they said. Expectations for potentially record low soyabean carryout underpinned prices, traders said, despite continued concerns about risk as unrest continues in Libya.
On Thursday and Friday, the USDA releases its updated forecast for acreage at its annual conference in Washington. In a poll of analysts, the average estimate put soyabean acreage at 77.8 million acres. March soyabeans settled 22 cents a bushel higher at $13.20, while new-crop November was up 21-1/2 cents at $12.95-3/4. Funds bought an estimated net 6,000 contracts. CBOT March soymeal up $5.30 at $351.80 per ton. Following soyabeans. Funds bought an estimated net 2,000 soymeal contracts. CBOT March soyoil up 1.03 cents at 55.02 cents per lb. Funds bought an estimated 4,000 soyoil contracts.
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