Soyabean futures at the Chicago Board of Trade soared Friday to a 34-year high in a spot contract amid spillover buying from soyameal, traders said. January soyabeans rose 17-1/4 cents to $11.16 a bushel - the highest price for a spot contract since the summer of 1973 - while the back months notched contract highs.
"It's all meal-driven and the speculative buyers have jumped in," one CBOT trader said. Soyameal has been on a roll all week, rising above $300 a ton, supported by strong global demand for feed.
Additionally, world feed grains are trading $50 to $70 a tonne higher than US corn, making soyameal an attractive buy to global livestock producers, he added. By the midsession, soyameal made contract highs across the board and December meal made a three-year top for a spot month of $305.30 a ton, up $5.70. December soyaoil was up 0.10 cent at 45.35 cents per lb.
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