US soyabean futures ended slightly higher on Wednesday, bolstered by an upside correction following a broad-based sell-off in Tuesday following a recommendation by Goldman Sachs to book profits, traders said. May soya was up 3-3/4 at $13.33-1/2. Given projection for relatively tight stocks in soyabeans as well as corn, higher soyabean prices were needed to effectively "buy" acreage from corn as grains move into the planting season, traders said.
In an policy conference on Wednesday, analysts Informa reiterated corn stocks will remain tight through fall 2012. Informa also said the US 2011/12 soyabean crop would be 3.3 billion bushels with end stocks of 246 million bushels. The spot basis offers for soymeal were steady to firm in the US Midwest on Wednesday, supported by rising costs for soybeans, dealers said. Rain and storms in Brazil's Matto Grosso du Sol, Parana and Rio Grande do Sol this week will slow soyabean harvest, while overall satisfactory harvest weather continues in Argentina.