CHICAGO: Chicago Board of Trade soybean futures rallied 1.6 percent on Thursday on renewed concerns that a strike by truckers in Brazil could delay shipments of supplies from a record harvest there, traders said.
CBOT March soybeans closed just 1/2 a cent below its session highs. Prices hit technical resistance at the high end of the 20-day Bollinger range and failed to take out Tuesday's high of $10.29.
Soymeal futures also rose, closing at session highs as a late round of buying overwhelmed concerns about waning export demand.
Soyoil futures were firm, closing higher for the third day in a row. Weakness in crude oil prices and light demand on the cash market limited the gains.
Truckers continued to block roads in key Brazilian agricultural states in the ninth day of a strike on Thursday despite a government offer presented to protest leaders a day before. By early afternoon, there were blockages on 91 roads.
The US Agriculture Department on Thursday morning said weekly export sales of soymeal for delivery in the 2014/15 marketing year were -6,300 tonnes, largely due to a cancellation of shipments totalling 90,400 tonnes to unknown destinations.
Comments
Comments are closed.