US soybean futures ended 3 percent higher on Friday on follow-through from the strong close on Thursday and on a big number for soy in USDA's weekly export sales report. CBOT soy closed 24-1/2 to 29 cents per bushel higher, with November up 27 at $8.94 per bushel.
Funds bought 3,000 lots. Strength in crude oil and the stock market also supportive. USDA said export sales of US soy last week totalled 1,028,000 tonnes (old crop), above estimates for 550,000 to 750,000 tonnes. Rains early next week in western US Midwest to delay harvest, while current drier weather in east aids harvest before more rain moves in. Price slump helps grain elevators in credit crunch.
US cash soy firm at river terminals and steady in interior. November contract below all key moving averages and nine-day RSI at 33. Soymeal was up $5.30 to $6.50 per ton, with December up $6.20 at $258.20. Funds bought 2,000 lots.
Spillover support from gains in soy and spillover from commercial bull spreading during Thursday's trading session. USDA said export sales of US soymeal last week totalled 242,500 tonnes (old-crop/new-crop), above estimates for 100,000 to 150,000 tonnes. Soyoil closed up 0.05 to 0.13 cent per lb, with December up 0.05 at 35.50 cents per lb. Funds bought 1,000 lots. Gains in crude oil and soy supportive. USDA said export sales of US soyoil last week totalled 16,100 tonnes (old-crop), above estimates for 5,000 to 10,000 tonnes.
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