US soyabean futures closed higher on Tuesday after getting a boost from a late influx of fresh buyers. The buyers were characterised by traders as "new money" entering the market at the start of the month. Funds bought an estimated 4,000 contracts.
News that heavy rain in Brazil is delaying the soyabean harvest also underpinned prices, although that was offset by a higher forecast for the Argentine soybean crop.Oilseeds analysis firm Oil World raised its forecast for Argentina's 2011 soyabean crop by 0.5 million tonnes from its previous estimate in February. May soyabean s settled 10-1/2 cents a bushel higher at $13.75-1/4, while new-crop November was up 3-1/2 cents at $13.28-1/4.
May soymeal up $1.50 at $363.40 per ton. Following soybeans. Funds bought an estimated net 1,000 contracts. CBOT May soyoil up 0.27 cent at 57.60 cents per lb. Gains in crude and palm oil supportive. Funds bought an estimated net 2,000 contracts.
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