US soyabean futures on the Chicago Board of Trade closed higher Tuesday on a late, fund-driven rally as the market shrugged off a bearish monthly US supply/demand report, traders said. Firm cash soyabean markets added support as a two-week drop in futures prices kept a lid on farmer sales.
July soyabeans ended up 5 cents at $9.66 per bushel; new-crop November up 2-3/4 at $9.37-1/2. July soyameal up $2.90 at $281.60 per tonnes. July soyaoil down 0.07 cent at 38.32 cents per lb. Funds were net buyers of 3,000 contracts of soyabeans and 1,000 soyameal; funds sold 1,000 soyaoil, traders said. USDA pegged 2009/10 US soyabean ending stocks at 190 million bushels, unchanged from April and above the average trade estimate of 180 million. USDA projected 2010/11 soya ending stocks at 365 million bushels, above the average estimate of 340 million. USDA raised its estimate of Brazil's 2009-10, soya crop to 68 million tonnes, from 67.5 million in April.
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