Soyabean futures on the Chicago Board of Trade rallied to a two-month high spot price on Wednesday, supported by a further drop in US crop condition ratings and spillover strength from crude oil, traders said. Crude oil tops $74 as part of a broad-based commodities rally.
Market surged in the final minutes of trade on hedge fund buying; benchmark November soyabeans broke through its 50- and 100-day moving averages. Biggest single-day percentage gain in front-month soyabean futures since October.
CBOT July soyabeans ended up 28-3/4 cents at $9.93 per bushel; August up 27-1/4 at $9.67-3/4; new-crop November up 32-1/2 at $9.32-1/2. New-crop contracts gained against nearbys on spreads. August soyameal up $7 at $293.70 per ton.
August soyaoil up 0.97 cent at 36.96 cents per lb. Managed funds were net buyers of 8,000 soyabean contracts, 3,000 soyameal and 4,000 soyaoil. USDA said 66 percent of the US soyabean crop was rated good to excellent, down from 67 percent a week ago and the fourth consecutive weekly decline. No deliveries against July soyabeans or soyameal. July soyaoil deliveries totalled 1,214 contracts, with a Man customer the key stopper of 477.
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