US soyabean futures on the Chicago Board of Trade closed higher on Tuesday, supported by short-covering and firm cash markets, traders said. May soyabeans ended up 8-1-2 cents at $9.44-1-2 per bushel but stayed inside of Monday's trading range. New-crop November finished up 9-1-2 at $9.31-3-4, breaking through resistance at the 20-day average of $9.27.
Soyaoil gained on soyameal amid continued oil-meal spreading tied in part to ideas of softening demand for soyameal. May soyameal ended up $1.90 at $263.10 per ton. May soyaoil up 0.42 cent at 39.77 cents per lb. Commodity funds bought an estimated 3,000 soyabean contracts, 1,000 soyameal and 2,000 soyaoil. Cash soyabean basis steady to firm in US Midwest interior as farmer sales remain slow.
But US CIF Gulf soya basis was steady-weak. China-Argentine soyaoil row seen temporary - Oil World. Brazil soya crop 75 percent harvested versus 61 percent a year ago - Celeres. Celeres also upped its Brazilian soya crop estimate to 67.2 million tonnes, from 65.7 million in March.
Cooler, drier weather favours late-filling soya and harvest in Brazil; mainly good weather continues in Argentina. Taiwan BSPA-K to tender for US or South American soyabeans. Global soyabean, meal prices seen facing pressure in near to medium term - Oil World.
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