Chicago Board of Trade soybean futures climbed to session highs at midmorning Thursday, rising more than 20 cents a bushel at times, following an export-driven surge in wheat prices to all-time highs, traders said.
November hit a high of $10.03 per bushel - the loftiest for a spot contract in three years. The other months were up 2 to 11 cents with volume at 18,327 contracts, nearly three times the previous night session.
The screen trend in soyameal was up $2.60 to $4.10 per ton and soyaoil was 0.20 cent per lb to unchanged. Contract highs were made in most of the soyabean and soyameal contracts.
The products were seen opening strong. Soymeal hit a new three-year top overnight for a spot contract at $282.30 per ton and an early rally in crude oil should help boost soyabean oil prices, traders said. CBOT soyameal was called to open up $3 to $4 per ton and soyaoil up 0.15 to 0.20 cent per lb. Overhanging the market was the advancing Midwest harvest, with reports of stronger soya yields, traders said.
USDA reported weekly export sales of US soyabeans at 745,600 tonnes, near the high end of trade estimates for 500,000 to 800,000 tonnes. US soyameal export sales were at 24,500 tonnes (which included a net loss of 22,800 tonnes for old-crop), below estimates for 70,000 to 150,000 tonnes.
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