Soyabean futures at the Chicago Board of Trade climbed early on Friday on follow-through support from last week's low US acreage estimate, traders said. That was leading most private analysts to expect the government to reduce its 2007 US soya crop forecast, they said.
Private analyst Informa Economics issued its forecast of the US soyabean crop at 2.719 billion bushels based on a yield of 43 bushels per acre, trade sources said.
That compares to USDA's June 11 soya crop forecast of 2.745 billion bushels, reflecting 67.1 million planted acres and a yield of 41.5 bpa and. On June 29, USDA revised it US soya planted acreage figure to 64.1 million - the lowest plantings since 1995.
July soyabeans were up 9 cents per bushel by $8.63-1/2 and November was 9-1/4 higher at $8.95-3/4 by 12:30 pm CDT (1730 GMT). The other months were up 9-1/2 to 10-1/4 cents.
The products followed soyabeans. The soyameal market was $1.70 to $2.50 per ton, with July $2.30 higher at $235.20. July soyaoil was 0.44 cent per lb higher at 37.12 cents, with the deferred months 0.37 to 0.48 cent.
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