Chicago Board of Trade soybeans rose on Wednesday amid firm US cash values and speculative follow-through buying and on a rally in neighbouring soymeal from its one-month low on Tuesday, brokers said.
CBOT soybeans were last up 7 cents per bushel to down 1-1/4 cents, with March up 7 cents at $8.09-1/2. Rand Financial was an early buyer of March and Cargill Inc was an early seller, traders said.
CBOT soymeal futures were last up $1.90 per ton to down 50 cents, with March up $1.90 at $248.70. Cargill Inc bought 300 March and Cargill Investor Services bought 300 May, traders said.
Overnight US soy export business was quiet, while cash US Midwest soybean basis bids were steady to firm on Wednesday, dealers said. CIF soy basis values were higher on Wednesday on good processor demand and slow farmer sales.
CBOT traders also mulled Wednesday's recommendation by an international panel that the United States ban all animal parts from cattle feed.
CBOT soyoil was last up 0.16 cent per lb to down 0.20 cent, with March soyoil up 0.09 cent at 29.95 cents per lb.
Soyoil futures were underpinned by lingering talk of Chinese demand for South American or US soyoil, and by a firm close in rival Malaysian palm oil, they said.
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