US soyabean futures closed higher on Monday, supported by short-covering after the steep slide of prices on Friday and mounting concerns about dryness in Argentina. News Ireland would receive a bailout was initially viewed as supportive as the dollar sagged but the dollar then firmed.
CBOT January up 20 cents per bushel at $12.21-1/2. Funds bought 5,000 contracts. USDA said export inspections for soyabeans last week 42.8 million bushels, below estimates for 55.0 million to 60.0 million bushels. Large funds slash longs in soyabean futures during week ended last Tuesday, according to CFTC. CBOT December soyameal up $7.80 per ton at $333.60. Following soyabeans higher.
Funds bought 2,000 contracts. CBOT December soyaoil up 0.22 cent per lb at 49.18. Strength in soyabeans offsets spillover weakness from a fall in Malaysian and Dalian palm oil futures. Funds sold 2,000 contracts. Palm tumbles 4.4 percent on concerns over China controls.
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