US soyabean futures closed higher on Friday on support from short-covering and news from USDA that exporters sold 106,000 tonnes of soya to an unknown destination, likely China. CBOT May up 2-1/4 cents per bushel at $9.61-3/4. Funds sold 2,000 lots.
Seasonal buying by commodity trading funds also lifted soya. Drier weather in Brazil seen boosting soya harvest progress and showers in Argentina to benefit late filling soya but also slowing early harvest. Informal pegs 2010 US soya acreage 78.6 million.
Allendale projects 2010 US soya acres at 79.111 million. Exporters sell 106,000 tonnes US soyabeans to unknown destination for 2010/11 delivery - USDA. Soyabean export sales rebound, big new-crop sales to China. Spot basis soyabeans bids unchanged early on Friday.
May closed above support at 50-day ma $9.56-1/2 and next key resistance at 200-day ma $9.80-1/2. Nine-day RSI 59. CBOT May soyameal up 30 cents per ton at $270.20 per ton. Following soyabeans. Funds sold 1,000 lots. CBOT May soyaoil up 0.05 cent at 39.30 cents per lb. Following soyabeans and on short-covering after the slide of prices on Thursday. Funds sold 1,000 lots. Malaysian palm oil bounces from five-week lows; dollar weighs.
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