Chicago Board of Trade soya ended 2 percent higher on the day, last up 27-1/4 cents at $13.62-1/2 on bullish technicals and prospects for a strike in Argentina among trucking and other transportation workers on Monday amid the harvest season, traders said.
Soyabeans also found support from a lower forecast for soya acreage by private forecaster Informa Economics. Nearby soya futures ended 3.7 pct higher on the week. Funds also supported the rally, buying an estimated 8,000 soyabean futures, 3,000 soyameal contacts and 4,000 soyaoil, CBOT put sources said.
Argentine transport workers, including port workers in the country's grains export hub, could join a nation-wide strike by truck drivers on Monday, a union leader said on Friday.
Analytical firm Informa Economics forecast that US farmers will plant 91.758 million acres (37.13 million hectares) of corn and 75.269 million acres of soyabeans in 2011, trade sources said Friday. Spot basis bids for corn and soyabeans rose on the Illinois River but eased on the Mississippi, while bids for both crops held mostly steady at interior locations around the US Midwest amid slow country sales, grain merchants said.
Rains finally eased over Brazil's soya belt that was in the midst of a record harvest, after early March downpours delayed or flooded some important growing regions.
CBOT soyabean futures for May rose 27-1/4 cents to $13.62-1/2 a bushel in volume of 116,501 lots, trading in a range of $13.22-3/4 to $13.85-3/4. July rose 28 cents to $13.71-1/2 a bushel. Total volume of 224,508 was 2 percent above the 30-day average.
CBOT soyabean meal futures for May rose $9.30 to $367.90 a ton in volume of 47,325 lots, trading in a range of $354.20 to $373.30. July rose $9.30 to $371.10 a ton. Total volume of 89,681 was 20 percent above the 30-day average. CBOT soyabean oil futures for May rose 1.25 cents to 55.77 cents a lb in volume of 62,497 lots, trading in a range of 54.42 to 56.20. July rose 1.28 cents to 56.35 cents a lb. Total volume of 108,596 was 11 percent below the 30-day average.
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