CHICAGO: US soybean futures rose on Friday as investors rebuilt bull spreads due to tight US supplies, traders said.
The front-month soybean contract rose 1.9 percent, its biggest gain of the week, and closed just off its session high, a bullish sign for the market.
Strength in soymeal, which rallied 2.3 percent as processors scrambled to find crushing supplies, led soybean prices higher.
Soyoil also rose but gains were limited by declines in the crude oil market.
CBOT front-month soybeans fell 1 percent during the week. Soymeal futures were up 0.5 percent for the week while soyoil dropped 1 percent.
The closely watched July-November soybean spread widened by 17-3/4 cents on Friday. The spread had retreated 34-1/4 cents from the all-time high earlier this week due to Chinese cancellations of import deals and the re-routing of some shipments to the United States.
Bunge Ltd's chief executive officer said that he expected crushing margins in China to improve in two to three months, which should boost demand from the world's top buyer of the oilseed.
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