Soyabean futures on the Chicago Board of Trade climbed about 10 to 11 cents per bushel early on Friday, tracking strength in soyabean oil, which hit a 32-year top in a spot contract of 41.55 cents per lb, traders said. The soy markets were boosted by strength in crude oil and Asian demand for vegetable oils.
January soybeans were up 11-1/2 cents at $10.24 per bushel by 9:36 am CDT. December soyaoil was up 0.56 cent at 41.48 cents. Indonesia raised its base export prices and taxes for crude palm oil by 3.16 percent to $784 a tonne to bring them in line with international prices. CBOT soyaoil was seen opening 0.40 to 0.60 cent per lb higher and soyameal up $2 to $3 per ton higher.
The calls were in line with the overnight CBOT trend. Soyabeans were 6-1/4 to 14-1/4 cents per bushel, with November busting through $10. Soyameal was up 80 cents to $2.90 per ton and soyaoil was 0.50 to 0.57 cent per lb higher.
Overhanging the soyabean market was improved planting conditions in central Brazil, which received good rains this week. The next week should be dry, with the next chance of showers late next week, a DTN Meteorlogix forecaster said.
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