Soyabean futures on the Chicago Board of Trade soared to a 34-year high on Friday, boosted by a big number for soya in USDA's weekly export sales report and by a rally in soyaoil, traders said.
Traders said soyaoil was finding spill over support from the aggressive commercial buying on Wednesday that was likely pricing for Chinese business and from the USDA's export sales number for soyaoil.
"There were huge export numbers, especially for beans. It's all about China today, China and soyaoil," a trader said. Soaring gold, a falling dollar and an upturn in crude oil after trading weak early on Friday contributed to the advances in soya futures.
At 11:14 am CST (1714 GMT), CBOT soya was up 6 to 15-3/4 cents per bushel, with January up 15-1/2 at $10.99-1/2 per bushel. Tenco, ADM, J.P. Morgan and Goldenberg Hehmeyer each bought 100 January. Satisfactory crop weather is seen for South American crops, and some precipitation in the US Midwest was slowing final harvest of 2007 crops but no major problems are noted, DTN Meteorlogix weather said on Friday.
Soyameal was up $1.30 to $4.20 per ton, with December up $3.60 at $291.00 per ton. USDA said 133,200 tonnes of soyameal (old-crop/new-crop) were sold for export last week, below estimates for 175,000 to 225,000 tonnes. Soyaoil was up 0.60 to 0.90 cent per lb, with December up 0.70 at 46.65 cents per lb.
Traders said soyaoil was boosted by follow-through from the strong close on Wednesday that was led by active commercial buying of soyaoil futures, likely pricing of export sales to China. Soyaoil hit fresh 33-year highs overnight. USDA said 65,200 tonnes of soyaoil (old-crop) were sold for export last week, within the range of estimates for 50,000 to 80,000 tonnes.
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