US soyabean futures on the Chicago Board of Trade rallied to a one-month high on Monday, as the fifth day of higher equity markets coupled with a correction in the soya-corn spread spurred buying, traders said. May soyabeans ended 34-1/2 cents higher at $9.11 a bushel. New-crop November soya closed 26-3/4 up at $8.50-1/2, gaining on December corn, which ended 3-1/4 up at $4.21-1/4.
November soya-December corn ratio ended at 2.02 to 1, after slipping to 1.97 to 1 at Fridays close when corn gained on soya after private analytical firm forecast a big cut in US corn plantings. May soyameal ended $11.70 per ton higher at $288.40. May soyaoil closed 0.69 cent up at 30.86 cents. Commodity funds bought 5,000 soyabean contracts, 1,000 soyameal and 1,000 soyaoil. Gains in crude oil also supportive.
National Oilseed Processors Association crush data was supportive, coming in above trade expectations. NOPA members crushed 128.7 million bushels of soyabeans in February, above the average estimate for 125.3 million. NOPA February soyameal exports 649,993 tons versus January 600,828 tons. NOPA February soyaoil stocks 2.501 billion lbs, versus January 2.394 billion. The expanding soyaoil supply remains a bearish input.
Midwest basis bids were steady to firmer, underpinned by a lack of farmer selling. Rainfall in Argentina over past few weeks improves soya crop outlook and generally satisfactory crop weather continues in Brazil. Commodity funds trim net short position in CBOT soyabeans by roughly 2,800 contracts- CFTC. Malaysian palm oil futures sags, weak oil reverses demand-fuel rally.
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