Chicago Board of Trade soyabean futures were mixed on Wednesday after rallying early to a fresh 15-1/2-year top, with nearby contracts up on commercial and speculative buying, brokers said.
CBOT soyabeans were last up 7 cents per bushel to down 1-3/4 cents, with May up 7 cents at $9.96 after hitting a fresh 15-1/2-year top of $9.99 on continued worries about tight US supplies, smaller-than-expected South American harvests and speculative buying, traders said.
CBOT July was up 6-3/4 cents at $9.85-1/2. Commercials Produce Grain bought 500 July and ADM Investor Services bought 300 July in early trade, brokers said.
Still, the nine-day relative strength index for May soyabeans, at 78, reflected overbought conditions, they noted. Technical traders consider an RSI above 70 as overbought and one below 30 as oversold.
CBOT soyameal was last up $2.80 per tonne to down $1.30, with May up $2.80 at $304.90. Cash US soyameal basis offers were steady to soft on Wednesday, dealers said.
CBOT soyaoil was last up 0.15 cent per lb to down 0.10 cent, with May up 0.10 cent at 33.67 cents. A firm close in rival Malaysian palm oil futures underpinned CBOT soyaoil futures, traders said.