Chicago Board of Trade soyabean futures closed higher on Tuesday on spillover support from gains in corn and from slow US soy plantings due to excessive wet weather and flooding in eastern and southern parts of the Corn Belt. Gains were limited by the potential for a switch to soyabean acreage away from corn in the US as farmers in the eastern Midwest remain bogged down from planting corn.
Soyabeans for July delivery rose 1.1 percent to $13.41 per bushel, following the grains. USDA late on Monday said 22 percent of the US soyabean crop has been planted, up from an average trade estimate for 20 percent, above the 7 percent of a week ago, and below the 31 percent five-year average.
Comments
Comments are closed.