Chicago Board of Trade soyabean futures notched gains of about 0.3 percent on Tuesday, firming as soyameal futures surged 2.5 percent and the Argentina soya crop withered under drought, traders said. Soyabean contracts hit lifetime peaks on Monday, before turning slightly lower. Prices on Tuesday recouped those losses on technical buying. Investors continued to exit positions in March soya futures and roll to deferred months such as May ahead of first notice day for deliveries against March on Wednesday.

Most soyameal futures contracts hit new contract highs while soyaoil was about 1 percent lower. Several analysts last week cut estimates for the Argentine soya harvest. The country is likely to receive scant rainfall this week. Harvesting of what is expected to be a record soya crop was progressing in the Brazilian state of Parana.

Copyright Reuters, 2018