CHICAGO: Chicago Board of Trade soyabean futures closed higher on Tuesday in rangebound trade, buoyed by on declining US crop condition ratings and spillover strength from firming global vegetable oils futures, traders said.
Rallies capped by generally favorable crop weather in the US Midwest that supports expectations for a large harvest this autumn.
CBOT August soyabean futures settled up 4 cents at $8.78 per bushel and most-active November soyabeans ended up 2-1/4 cents at $8.77-1/2. However, both contracts stayed inside of Monday's trading range.
CBOT August soyaoil settled up 0.38 cent at 28.46 cents per pound while CBOT August soyameal finished up 60 cents at $285.20 per short ton.
CBOT soyaoil drew support from a 3% surge in allied Malaysian palm oil futures amid expectations of improving exports.
The US Department of Agriculture confirmed private sales of 129,000 tonnes of US soyabeans to China, all for delivery in the 2020-21 marketing year that begins Sept. 1, 2020.
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