US soyabean futures closed sharply higher on Monday on a slowdown in the US harvest due to rain and snow and a freeze over the weekend that likely harmed some of the immature US crop. CBOT November soya up 35 cents at $9.99 a bushel. Funds bought 5,000 lots. Added strength from a lower dollar, higher crude oil and gains in equities. Nearby contract touches $10.00-3/4, highest level since September 3.
Freeze through most crop areas west of the Mississippi River over the weekend and some areas east of the river harmed immature fields. Rain and snow this week to slow harvesting. China pledges to stockpile new corn, soyabean crops. May threaten repeat of this year's soyabean import binge. Large speculators reverse their net long position, leaving them net short CBOT soya during week ended last Tuesday.
Spot soyabean bids mixed around US Midwest early on Monday. Grain dealers report some cash sales as farmers assess potential freeze damage. CBOT October soyameal up $12.50 at $322.80 a ton; December up $10.00 a ton at $307.30. Following soyabeans in a weather and dollar-driven rally. Harvest delays could cause some supply shortages in coming weeks. CBOT October soyaoil up 1.39 cents at 36.30 cents per lb; December up 1.35 cents at 36.55. Spillover support from gains in soya, higher crude oil and a weak dollar. Exports, soyaoil boost palm oil to two-week highs.
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