Soyabean futures at the Chicago Board of Trade notched a 34-year top for the third straight session, boosted early on Tuesday by the government cutting its US soyabean ending stocks estimate, traders said. January soyabeans were up 5 cents a bushel at $11.30-3/4 by 11 am CST (1700 GMT) after rising to $11.32 - the highest price for a spot contract since August 1973.
The back months were up 3-3/4 cents to down 4-1/2 cents. Commercial buying out of J.P. Morgan with 600 January and Tenco with 300 March was supportive, traders said. While prices were higher, the market seemed to have lost steam up until the midsession compared to its strength over the past week or so, traders said.
CBOT soyameal was also strong, making contract highs across the board while soyaoil was mixed. December soyameal was up 10 cents at $311.60 per ton; deferreds up 50 cents to $2.10. December soyaoil was 0.03 cent higher at 45.38 cents per lb; back months were up 0.04 to down 0.16. USDA left its 2007/08 US soyameal ending stocks at 300,000 tons, increasing both production and exports.
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