Chicago Board of Trade soyabean and soyameal futures ended higher on Wednesday, despite profit-taking, on worries about tight US stocks and potential South American crop damage, traders said.
Soyabean futures ended up 2 cents to 5-1/2 cents per bushel, with March up 4 cents at $9.33-3/4 and may up 2 cents at $9.28.
March failed to top its e-cbot high of $9.51-1/2, and traders noted that new-crop November again gained on the front months, a red flag for some bullish traders.
November closed up 5 cents at $7.32 per bushel. Commodity funds were light net sellers, and commercials were about even traders on both sides, brokers said.
Rolling of March soya positions was again featured before on Friday's first notice day for deliveries, they noted.
No soyabean deliveries were expected on Friday amid tight US stocks and good immediate demand, while CBOT soya registrations late on Tuesday totalled 96 contracts, unchanged from the previous day.
On Wednesday's gains built on a weeklong rally on concerns about tight US supplies and crop weather in Brazil and Argentina, the second and third largest global soya producers after the United States.
Rains have delayed the soya harvest in northern Brazil, and dry weather is stressing the crop in the south, traders noted.
Brazil's harvest is about 5 percent complete. In Argentina, forecasts called for good weekend rains, Meteorlogix weather services said.
The majority of Argentina's crop is in the pod-setting stage, a time it desperately needs good moisture.
South America's adverse crop weather and harvest delays come at a time when US soya stocks have been pared to very tight levels.
The USDA last forecast US soya ending stocks to fall to a 27-year low of 125 million bushels by August 31.
Cash soya basis markets were steady to firm across the US Midwest on Wednesday amid a lack of farmer sales, dealers said.
Overnight US soya export business was quiet, but the Mississippi River was reopened on Wednesday after a sunken vessel was removed.
Soyameal settled up 30 cents to $4.20 per ton, with March up 70 cents at $281.00 and may up 30 cents at $280.60.
March failed to top its overnight 6-1/2-year high of $283.70 per ton. Cash soyameal basis offers were steady to firm on Wednesday, dealers said.
Soyaoil ended down 0.33 cent per lb to up 1.30 cents, with March soyaoil down 0.27 cent at 33.83 cents and May down 0.33 cent at 33.59.
March did not match its overnight 19-1/2-year top of 34.85 cents per lb, but losses were limited by a firm close overnight in rival Malaysian palm oil futures, brokers said.
Registrations of soyaoil with the CBOT late on Tuesday totalled 4,557 lots, down from Monday's 4,587 lots. Soyameal registrations totalled 340 lots, also unchanged from Monday's tally.
Registration of a contract does not mandate delivery. The CBOT May soyabean crush margin ended down 4.97 cents at 58.81 cents per bushel.
Estimated soyabean volume on Wednesday was 73,724 lots, compared with Tuesday's 111,454. Options trade was seen at 18,103.
Soyameal futures volume was 27,293, compared with Tuesday's 40,553 lots. Meal options trade was estimated at 3,540 lots.
Soyaoil volume was estimated at 25,610 lots, compared with Tuesday's 42,915. Soyaoil options trade was seen at 7,209 lots.
Open interest in soyabean and soya product futures remained near record levels.
Soyabean open interest before on Wednesday's bell was the sixth highest on record, while open interest in both soyameal and soyaoil future were the third highest in history, the CBOT noted.