Chicago Board of Trade soyabeans settled modestly higher on Tuesday after a choppy session, with the spot May contract staying above a 5-1/2 month low set a day earlier. CBOT May soyabeans settled up 1/2 cent at $9.72 per bushel but stayed above Monday's low of $9.68-1/4.
Position-squaring was noted ahead of the US Department of Agriculture's planting intentions and quarterly stocks reports on Friday. Analysts expect the USDA to project a jump in US soyabean plantings for 2017. The market was pressured at times by continued selling tied to the ongoing harvest of a bumper South American soya crop. Background support stemmed from broad strength in commodities including crude oil. The 19-market Thomson Reuters CoreCommodity CRB Index rose 0.5 percent. CBOT May soyaoil rose on follow-through buying after Monday's higher close, and gained against May soyameal on oil/meal spreading.
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