Chicago Board of Trade (CBOT) soybeans and soy products extended gains in Asia on Monday on concerns about tight US supplies and hopes for increased soymeal use, Asian traders said.
In e-cbot trading, the most-active CBOT March soybean contract rose 8-1/2 cents per bushel to $8.47-3/4, after hitting as high as $8.49-1/2, on volume of 879 lots at 0341 GMT. CBOT May was up 10-1/4 cents at $8.48 with 183 lots traded.
CBOT March soymeal was up $3.2 per ton at $267.5 and CBOT March soyoil gained 0.48 cent per lb to 29.84 cents.
Forecasts for frigid, potentially subzero temperatures this week in the US Great Plains cattle-feeding area have also prompted hopes for increased livestock feed consumption.
The US Food and Drug Administration may announce restrictions on the use of cattle remains in US animal feed, following the recent discovery of the first US case of mad cow disease.
Also dry weather forecasts in Argentina's soy belt has hit CBOT soy, Seoul traders said. Argentina is the world's third-largest soy producer.
CBOT March corn was up 2-1/2 cents per bushel at $2.79-1/2 with 576 lots traded, while March wheat was down 0-1/2 cents per bushel at $3.81 on volume of 381 lots.
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