CHICAGO: Chicago Board of Trade soyabean futures climbed to new six-and-a-half-year highs on Tuesday, as traders weigh backed-up Argentine ports against new precipitation across South America, traders said.
The benchmark CBOT March soyabean futures contract gained 2-1/2 cents to $12.50 per bushel, after peaking at $12.56-1/4 per bushel, the highest on a continuous basis for the most-active contract since June 27, 2014. New life-of-contract highs were met in all contract months.
CBOT March soyameal ended $2.20 higher at $414.30 per short ton, while March soyaoil added 0.41 cent to 39.96 cents per lb. New life-of-contract highs were reached in all months for both soyameal and soyabean oil. Wage talks between Argentine port workers and soyameal manufacturers were stalled on Tuesday, with a labor strike going into its 13th day, bogging down agricultural exports to Europe and Asia. Brazil’s 2020/2021 soyabean forecast has been cut to 127 million tonnes, down from 129 million tonnes in a previous forecast by Brazilian grain growers association Aprosoja, citing an expectation of falling yields due to dryness in key producing states.—Reuters
Comments
Comments are closed.