Soyabean futures on the Chicago Board of Trade rallied 2.3 percent on Monday following a two-day slide, climbing above $13 a bushel on chart-based buying and a drop in the US dollar index, traders said. Reports showing strength in China's economy helped lift most commodities, including grains and oilseeds.
Soyaoil led the complex higher, following a surge in Malaysian palm oil futures to a 30-month high. Also bearish, the National Oilseed Processors Association reported the November US soyabean crush at 148.867 million bushels, down from 151.8 million in October and 160.2 million a year ago. CBOT January soyabeans ended up 29-1/2 cents at $13.02-1/2 per bushel; eye on last week's high of $13.06-3/4.
Soyabean futures volume was estimated near 200,000 contracts, 18 percent above the 30-day average. December soyameal ended up $5.70 at $344.80 a ton; January up $5.20 at $342.80. December soyaoil up 1.31 cents at 55.10 cents per lb; January up 1.29 cents at 55.45 cents. CBOT December contracts expire on Tuesday.
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