US soyabean futures closed higher on Thursday, bolstered by strong export demand, reports of rain slowing the Brazilian soyabean harvest and Argentine dock workers blocking two export terminals, traders said. Talk China may lower import tariffs also continued to circulate in the market, which added support to soya prices. May soyabeans settled 17-3/4 cents a bushel higher at $14.12, while new-crop November was up 16-3/4 cents at $13.62-1/2.
No soyabean deliveries were reported by the CME Group, but March soyameal deliveries totalled a hefty 2,175 contracts and soyaoil deliveries totalled 2,654. Estimated volume in soyabean futures was 138,795 contracts, according to the CME Group, below the more than 200,000 contracts traded on Wednesday.
Funds bought an estimated 6,000 contracts. USDA reported export sales of US soyabeans in the latest week at a net 645,300 tonnes, above estimates for 250,000 to 450,000 tonnes. Argentine dock workers continue to block grain ports. CBOT May soyameal up $8.10 at $372.50 per ton. Funds bought an estimated net 3,000 contracts. Big soyameal deliveries reflect weak cash market.
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