US soyabean futures climbed more than 2 percent on Monday, nearing a two-week high, led by strength in Asian oilseed markets and stronger-than-expected weekly export data, analysts said. Corn and wheat futures were also higher but trailed the advances in soyabeans. As of 12:27 pm CST (1827 GMT), Chicago Board of Trade January soyabeans were up 24-1/4 cents at $10.18 per bushel. December corn was up 3 cents at $3.48-1/2 a bushel and December wheat was up 2-1/4 cents at $4.10-1/4.
Soyabeans got an early boost from strength in soya futures on China's Dalian Commodity Exchange and in Malaysian palm oil futures. Additional support stemmed from the US Department of Agriculture reporting export inspections of US soyabeans in the latest week at more than 2.6 million tonnes, topping a range of trade expectations for 1.7 million to 2.0 million tonnes.
Commodity funds appeared to be jumping back into soyabeans after the US Commodity Futures Trading Commission's latest weekly commitments report showed that large speculators slashed their net long position in the week to November 15 to 85,682 contracts, a drop of nearly 30,000 lots. A pause in the dollar's rally lent support to the broader commodities sector. The US dollar index eased from last week's 13-1/2-year high as Treasury yields nudged lower, bolstering oil, copper and gold.
Corn followed the firm trend, although ample supplies of the grain in the United States and globally kept a lid on rallies. CBOT December corn reached $3.49-1/4 per bushel, its highest level since November 9. Wheat drew support from expectations of reduced US plantings and risks to crops from dry weather.
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