Soybean futures on the Chicago Board of Trade set a 14-month high on Wednesday, rising nearly 3 percent on continued sales of US soybeans to China and a setback in the dollar, traders said. Grains join broad commodities rally as dollar posts worst day in 3-1/2 months on expected Fed easing.
USDA confirmed fresh sales of 180,000 tonnes US soybeans to China for 2010/11 delivery - the sixth consecutive announcement of sales to China in as many business days. November soybeans ended up 32 cents at $12.12 a bushel after reaching $12.14, highest spot price on continuous charts since August 2009. Heavy volume in soybean futures, estimated above 252,000 contracts, 57 percent above the 30-day average near 160,000.
December soymeal ended up $9.60 at $337.80 a ton. December soyoil up 1.37 cents at 48.47 cents per lb. Contract highs hit in most months for soybeans, soymeal and soyoil. Commodity funds were net buyers of 7,000 soybean contracts, 3,000 soymeal and 4,000 soyoil.
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