Soyabean futures on the Chicago Board of Trade closed 1 percent higher on Monday on concerns about a port strike in Argentina, along with spillover strength from corn, wheat and crude oil, traders said. CBOT March soyabean settled up 15 cents at $14.13 per bushel; new-crop November soyabean up 18 at $13.41.
For the month of January, CBOT soyabean s rose 1.38 percent. March soymeal rose $3.30 to settle Monday at $380.30 per ton. March soyoil settled up 0.61 cent at 57.88 cents per lb. Funds were net buyers of 5,000 soybean contracts, 1,000 soymeal and 3,000 soyoil, traders said.
CBOT market strength tempered by welcome rains in Argentina. The Argentine government said a second week of rains boosted soy crops in the top soy region of Buenos Aires. Also bearish, USDA reported export inspections of US soybeans in the latest week at 29.690 million bushels, below trade estimates for 39 million to 43 million. China January soy imports seen at 4.79 million tonnes, February lower. Cash soyabean basis steady/firm in US Midwest interior while river bids ease; farmer selling quiet. Floods in Malaysia lift palm oil to one-week high.
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