CHICAGO: Chicago Board of Trade soyabean futures jumped 2.5% on Thursday to a seven-month high as talk of rising US exports heated up due to concerns about crop shortfalls in Brazil and Argentina, traders said.
A round of technical buying accelerated the gains and the benchmark CBOT March soyabean futures contract closed above the high end of its 20-day Bollinger range.
Soyameal and soyaoil futures also were firm, with the most-active soyaoil contract hitting its highest since Oct. 26.
Analysts were expecting a US Agriculture Department report on Friday morning to show that soyabean export sales were in a range between 700,000 and 1.5 million tonnes in the week ended Jan. 13. A week earlier, soyabean export sales totaled 918,598 tonnes.
China’s soyabean imports from the United States in 2021 rose from the previous year as it stepped up agricultural purchases under a trade deal agreed with Washington, while annual Brazilian shipments fell, customs data showed.
CBOT March soyabeans settled up 34-1/2 cents at $14.25-3/4 a bushel. CBOT March soyaoil was 2.12 cents higher at 62.88 cents per lb and CBOT March soyameal gained $2.50 to $400.80 a ton.
CBOT CORN
US corn futures steadied on Thursday after three straight days of gains.
Corn futures traded in both positive and negative territory during the session.
Some profit-taking was noted when the most-active Chicago Board of Trade contract neared its Wednesday high of $6.14-1/2 a bushel.
But concerns that the harvests in Brazil and Argentina will fall below expectations, which could boost export demand for US supplies of corn, added support.
A US Agriculture Department report that will be released on Friday morning was expected to show export sales of corn were in a range between 500,000 and 1.2 million tonnes in the week ended Jan. 13. A week earlier, corn export sales totalled 457,675 tonnes.
The benchmark Chicago Board of Trade March corn futures contract settled up 1/2 cent at $6.11 a bushel.
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