Chicago Board of Trade soyabean futures closed higher on Thursday after falling for three days in a row with support stemming from bargain buying by end-users and some mounting concern about harm to portions of Brazil's soya crop due to heavy rainfall, traders said.
Funds bought an estimated net 5,000 soyabean contracts, bought 2,000 soyameal and sold 3,000 soyaoil. Meal/oil spreading noted and unwinding of corn/soya spreads featured.
Analysts had expected ending stocks of 142 million bushels. USDA confirmed sales of 116,000 tonnes of US soyabeans to unknown destinations for 2010/11.
CBOT soyabean futures for March rose 4-3/4 cents to $13.48-3/4 a bushel in volume of 1,048 lots, trading in a range of $13.18 to $13.58-1/4. May rose 6-1/2 cents to $13.55-1/2 a bushel. Total volume of 202,041 was 7 percent below the 30-day average.
CBOT soyabean meal futures for March rose 60 cents to $349.10 a ton in volume of 606 lots, trading in a range of $344.50 to $353.50. May rose 80 cents to $353.70 a ton.
Total volume of 79,289 was 13 percent above the 30-day average. CBOT soyabean oil futures for March fell 0.19 cent to 56.48 cents a lb in volume of 450 lots, trading in a range of 55.20 to 56.90. May fell 0.19 cent to 56.93 cents a lb. Total volume of 102,452 was 12 percent below the 30-day average.
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