US soyabean futures closed higher on Tuesday, tracking a rally in corn fuelled by fund and commercial buying and underpinned by concern about dryness in portions of South America's crop region. CBOT January up 17-1/2 cents per bushel at $12.39. Funds bought an estimated net 5,000 contracts. China to buy 5.5 million tonnes of US soyabeans, said USDA.
Showers in Argentina's dry areas of Cordoba and Santiago Del Estero during this week will not be enough to end concerns about dry soils and there are forecasts for hotter temperatures over the 6- to 10-day period. Satisfactory weather in Brazil but outlooks for dryness in the south bears watching.
CBOT December soyameal up $7.10 per ton at $340.70. Funds bought an estimated net 3,000 contracts. CBOT December soyaoil up 0.04 cent per lb at 49.22, with gains limited by China moves to rein in food inflation. Funds sold an estimated net 2,000 contracts.
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