Soyabean futures at the Chicago Board of Trade rose on Thursday, supported by the strength in soyaoil, traders said. July soyabeans were up 5 cents at $8.08-1/2 per bushel by 12:40 pm CDT (1740 GMT). The back months were up 2 to 5 cents.
July soyaoil was 0.54 cent per lb firmer at 35.50 cents. The back months were 0.39 to 0.65 cent higher. Soyameal was the weakest leg of the complex amid oil/meal spreading. July soyameal was down 30 cents at $217.60, with the deferreds down 70 cents to $1.50.
"World trade is pretty active in oilseeds and we're starting to worry about a drawdown in inventories beyond the soyabean market," said Roy Huckabay, analyst with The Linn Group in Chicago.
There was more of a concern about smaller sunseed and rapeseed supplies after recent dryness in Europe, he said. In contrast, there are ample soyabean supplies. Monthly crush data from the US Census Bureau was also supportive for the complex. Soyaoil and soyameal stocks were lower than expected even though the crush was up.