Chicago Board of Trade soyabean futures rose on Friday on technical buying and broad strength in commodities as the US dollar eased, traders said. The 19-market Thomson Reuters CoreCommodity Index was up 0.8 percent, snapping a four-session slide.
Additional support stemmed from fears that dryness could expand in crop areas of Argentina. CBOT January soyabean futures settled up 8-1/2 cents at $9.94-1/4 per bushel. For the week, the contract rose 1 cent per bushel or 0.1 percent to eke out a fifth straight weekly gain.
CBOT January soyameal ended up $3.70 at $330.20 per short ton, gaining against soyaoil on meal/oil spreads. CBOT January soyaoil fell 0.16 cent at 33.69 cents per pound.
Ahead of the USDA's monthly soyabean crush report due later on Friday, analysts surveyed by Reuters on average expected the government to report the October US soya crush at 174.7 million bushels. US President Donald Trump has agreed to meet with representatives of the oil refining industry and their legislative backers to discuss the nation's biofuels program, according to two sources briefed on the matter. Soyaoil is the main feedstock for biodiesel fuel. The CME Group reported 59 deliveries against CBOT December soyameal futures and 279 soyaoil deliveries.
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