US soyabean futures closed higher on Thursday on support from tight stocks and strong export demand. CBOT July was up 6 cents at $11.75. Funds bought 3,000 lots. USDA said export sales of US soyabeans last week totalled 1,367,600 tonnes (old-crop-new-crop), above estimates for 650,000 to 800,000.
Drought-hit Argentine soya crop seen at 32.2 million tonnes, the smallest in five-years - Buenos Aires Grains Exchange. Drier weather improves planting conditions for the US corn and soyabean crops. Generally good harvest weather in South America.
US cash soya lower at river termjhigher bmarge freight but firm at interior locations. July soyameal was up $4.40 at $379.20. Soyameal followed soyabeans higher with additional support from soyameal-soyaoil spreading. USDA said export sales of US soyameal last week totalled 227,900 tonnes (old-crop-new-crop), within estimates for 200,000 to 300,000. July soyaoil down 0.39 cent at 37.98.
Soyaoil closed lower on lower crude oil and meal-oil spreading. USDA said export sales of US soyaoil last week totaled 3,500 tonnes (old-crop), below estimates for 15,000 to 25,000. Palm drops as tight supply curbs exports.
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