US soyabean futures closed firm in the nearby months on Wednesday with tight soya stocks and firm cash lifting prices but deferred months were lower on bull-spreading. May soya was up 2 cents per bushel at $9.15 per bushel. Support stemming from concern about Argentine soya exports amid an ongoing conflict between farmers and government.
Talks between Argentine farmers and government make little headway as farmers press Congress on exports taxes. More roadside protests expected. Rainfall over past few weeks improves crop prospects in Argentina and drier weather now favours maturing crops or harvest. Cooler temperatures and showers in Brazils RGDS favors filling soya while showers delay soya harvest in the north.
US cash soya flat in the Midwest late on Tuesday and minor farmer selling noted. May soyameal closed $3.50 per ton higher at $289.50 per ton. May soyaoil was down 0.39 cent per lb at 30.92 cents per lb. Lower crude oil weighed on soyaoil. Palm futures back down as demand fears mount.
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