CHICAGO: US soybean 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 soybean 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 soybean acreage at 77.8 million acres.

March soybeans 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.

US Census is slated to release January US crush data on Thursday. The average trade estimate for the January crush was 151.7 million bushels.

In cash, spot basis bids for corn were flat to weak in the US Midwest, while soybean bids were steady to firm amid mostly light farmer selling, dealers said.

Dealers reported few signs of panic selling in the country despite sharp declines in CBOT corn and soybean futures in recent days.

The rain eased in Brazil's top soybean-producing states of Mato Grosso, Parana and Goias, where the harvest is picking up the pace.

CBOT March soymeal up $5.30 at $351.80 per ton. Following soybeans.

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.