CHICAGO: Chicago Board of Trade soyabean futures rose on Friday, capping a week that saw the most-active contract jump 5.2%, on concerns about farmers harvesting a smaller-than-expected crop this autumn, traders said.
The weekly gain was the biggest for soyabeans since May 2019 and pushed the most-active contract to its highest since Jan. 9.
Soyameal futures also rose, with gains accelerating after the December contract broke through resistance at its 200-day moving average. Soyameal hit its highest since March 31.
Soyaoil futures weakened on some end-of-week profit-taking after hitting their highest since Jan. 15. on Friday
Iowa, one of the top soyabean production states in the United States, is facing its most widespread drought since September 2013, state agriculture secretary Mike Naig said on Friday.
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