Soyabean futures on the Chicago Board of Trade rose for a fourth day on Tuesday on tight US supplies and expectations of strong demand, along with spillover strength from corn, traders said. Talk that China was seeking US soyabeans added support. However, benchmark November soyabeans stayed inside of Monday's trading range. Argentina says to resume soyaoil exports to China.
November soyabeans settled up 26 cents at $11.78-1/2 a bushel; January up 26-1/2 at $11.89-1/2. December soyameal ended up $6 at $333.10 a ton. December soyaoil up 0.60 cent at 46.95 cents per lb. Spot October soyameal and soyaoil contracts expire on Thursday.
Funds bought an estimated 8,000 soyabean contracts, 2,000 soyameal and 3,000 soyaoil, said floor traders. USDA reported export inspections of US soyabeans in the latest week at 37.921 million bushels, above trade estimates for 25 million to 35 million. CBOT reported 85 October soyameal deliveries and 1,381 soyaoil deliveries, with no strong commercial stoppers for either product.
Comments
Comments are closed.