US soyabean futures on the Chicago Board of Trade rallied on Thursday, posting the highest spot price in six months on firm cash supplies and fresh sales to China, traders said. Back months lifted by fund buying amid weather concerns in Europe and China, along with this week's drop in US soyabean condition ratings.
July soyabeans ended up 19-1/2 cents at $10.12-1/2 per bushel; August up 15-1/4 at $9.83; new-crop November up 13-1/2 at $9.46. July soyabeans hit a top of $10.22-1/4, highest spot soya price since January 7. August soyameal ended up $3.90 at $297.60 per ton. August soyaoil up 0.03 cent at 36.99 cents per lb. Managed funds were net buyers of 6,000 soyabean contracts, and 3,000 soyameal; funds roughly even in soyaoil. Soyameal gained against soyaoil on meal/oil spreads.
USDA confirmed sales of 116,000 tonnes US soyabeans to China for 2009/10 (old-crop) delivery. Soya bids firmed at the US Gulf; traders said China has been buying new-crop soyabeans, prompting US exporters to bid aggressively to secure supplies. Cash soya basis bids firmed in US Midwest interior early Thursday on top of a big CBOT rally Wednesday. CBOT reported July soyaoil deliveries at 1,026 contracts; Man Professional customer account stopped 468.
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