Many buyers were delaying purchases in the hopes of lower prices as the US soybean harvest ramped up.

The US Department of Agriculture on Monday said the harvest was only 4 percent complete.

Supplies remained tight in some areas as processing plants awaited deliveries of freshly harvested soybeans.

Chicago Board of Trade October soymeal futures were up $1.30 at $306.30 per ton at 11:03 a.m. CDT (1603 GMT) as increased export demand spurred small gains in soybean futures.