Soyabean futures on the Chicago Board of Trade firmed on Thursday on technical buying, strong export demand and spillover strength from soyameal, traders said. CBOT November soyabeans settled up 4-1/4 cents at $10.14-1/4 per bushel. CBOT soyameal futures were the biggest mover in the soya complex, with the December contract settling up $8.50, or 2.7 percent, at $327.60 per short ton, as traders booked profits by unwinding long soyaoil/short soyameal spreads.
Buy-stops were triggered as CBOT December soyameal broke through chart resistance at its 200-day moving average near $320.40 per ton. CBOT soyaoil fell on profit-taking as concerns about tightening global vegetable oil supplies lifted most CBOT soyaoil months to contract highs this week. The USDA reported export sales of US soyabeans in the latest week at 2,045,400 tonnes, in line with trade estimates for 1,500,000 to 2,500,000 tonnes.
Through its daily reporting system, the USDA said private exporters sold 129,000 tonnes of US soyabeans to unknown destinations and another 396,000 tonnes to China, all for delivery in the 2016-17 marketing year. The USDA reported weekly export sales of soyameal at 146,200 tonnes, below trade expectations.
CBOT December wheat settled up 3 cents at $4.14-1/2 per bushel. K.C. December hard red winter wheat ended unchanged at $4.17 per bushel and MGEX December spring wheat closed unchanged at $5.25-1/2. The US Department of Agriculture reported export sales of US wheat in the latest week at 646,100 tonnes, above a range of trade estimates for 350,000 to 550,000 tonnes.
Sales of hard red spring wheat, at 308,800 tonnes, accounted for nearly half the USDA's weekly all-wheat export sales total. The International Grains Council raised its forecast for world wheat production for 2016/17 by 1 million tonnes, to 748 million tonnes. The USDA's current estimate is 744.44 million tonnes.
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