Chicago Board of Trade soyabean futures closed higher on Thursday, pulled up on leadership from wheat and corn, traders said. Wheat prices surged on dry weather in the Plains while corn prices rallied amid renewed rumours that China bought corn from the United States.
Positioning ahead of the March 31 release of the US Department of Agriculture's plantings report had pressured soya prices early in the day. Volume in CBOT soyabeans was estimated at 161,000 contracts, down about 27 percent from its 30-day average, according to Thomson Reuters data. Soymeal remained lower at the close amid sagging demand. Soyoil ended slightly higher, following soyabeans.
Soymeal spot basis offers continued to slide at US rail and truck markets on Thursday even as futures fell to the lowest level in nearly a week. USDA's weekly export sales report showed export sales of US soya last week at 264,700 tonnes, within the range of estimates for 250,000 to 450,000 tonnes. US Census Bureau pegs US February soya crush at 129.44 million bushels, in line with an average of analysts' estimates for 129.7 million and below February year ago 153.9 million bushels.
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