US soyabeans rose for the third day in a row on Thursday to a six-month high on more evidence of export demand shifting to the United States from South America, where the crop has been decimated by a drought in Brazil and Argentina. A weak dollar, gains in crude oil and firm equities also contributed to the bullish fervour in soyabeans and grains, as did technical fund buying across the board.
At 11:16 am CDT (1616 GMT), CBOT May soyabeans were up 18-3/4 cents per bushel at $13.69, May corn was up 9-1/4 cents at $6.68 and wheat for May delivery was up 15-1/4 at $6.59. The USDA data showed US export sales of soyabeans at 1,393,700 tonnes, above the range of estimates for 650,000 to 900,000 tonnes.
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