US soyabean futures on the Chicago Board of Trade closed higher on Wednesday on fund-driven technical buying along with some forecasts for hotter, drier weather in the US Midwest, traders said. Goldman Sachs raised its three-month price forecast for CBOT soyabeans to $9.75 a bushel, from $9.25, citing "stronger-than-expected demand."
Background support from NOPA pegging June US soya crush at 126.241 million bushels, above an average of analyst estimates for 125.8 million. CBOT August soyabeans settled up 2-1/2 cents at $9.97-1/2 per bushel; new-crop November up 7-1/2 at $9.62. August soyameal ended up $1.30 at $298.30 per ton. August soyaoil up 0.09 cent at 38.11 cents per lb. Funds were net buyers of an estimated 3,000-4,000 soyabean contracts, 2,000 soyameal and 2,000 soyaoil.
November soyabeans hit a 10-week high at $9.67; gaining on front months as traders unwound bull spreads. July soyabeans went off the board at $10.36 a bushel, up 5-1/2 cents; July soyameal up 10 cents at $313.00 a ton, after rallying to $318.40; July soyaoil up 0.13 cent at 38.05 cents per lb. Soyameal gained against soyaoil on meal/oil spreads, with soyaoil pressured by bearish NOPA soyaoil stocks build.
Comments
Comments are closed.