Chicago Board of Trade July soyabean futures rose on Friday for a sixth straight session, settling up 3-1/2 cents at $9.41-1/2 per bushel on technical buying and concerns about stressful hot weather in the US Midwest, analysts said. Soyabean futures followed strength in corn, which is seen as more vulnerable to high temperatures expected through Tuesday.
Soyabean futures pressured briefly by monthly supply/demand reports from the US Department of Agriculture, which raised its US 2016-17 soyabean ending stocks forecast to 450 million bushels, from 435 million in May, above an average of analyst expectations. The government also raised its 2017-18 soyabean ending stocks forecast to 495 million, up from 480 million in May and above the average trade estimate.
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