US soyabean futures closed sharply higher on Tuesday on forecasts for colder weather next week in the US Midwest that could harm the crop, which is immature because it was planted late. CBOT November soya up 51 cents at $9.60 per bushel. January soyabeans up 50-1/4 cents at $9.64.
Funds bought 7,000 to 10,000 lots. Late soya pod setting in the United States to be enhanced by warm temperatures this week but there are outlooks for colder weather next week. However, one forecast call for frost in the upper Midwest next week, which would damage corn and to a lesser extent soyabeans. USDA late on Monday said 17 percent of the US soyabean crop was dropping leaves, up from 7 percent a week ago but well behind the 36 percent five-year average.
USDA also said 68 percent of the crop was good to excellent, unchanged from a week ago, up from 57 percent a year ago and in line with trade estimates for a steady to 1 percentage point decline in conditions. US cash soyabean bids mixed early Tuesday, firming in western locations while falling elsewhere; light farmer sales. October soyameal up $17.80 per ton at $301.10 a ton. December soyameal up $19.50 at $298.30.
All nearby soyameal contracts rose the daily trading limit of $20 per ton before closing slightly below the day's high. Funds bought 3,000 lots. Following soyabeans in a US weather market. October soyaoil up 1.03 cents per lb at 34.43. Funds bought 2,000 lots. Palm rebounds on short-covering, poor exports ignored. Malaysia's September 1-15 palm oil exports down 19 percent -SGS. Biofuels may make Brazil soyaoil importer-Oil World.
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