Chicago Board of Trade soyabean futures rose on Monday in an abbreviated session, buoyed by on technical buying including short-covering and spillover strength from corn and wheat, traders said. CBOT August soyabeans settled up 23 cents at $9.70 per bushel after reaching $9.80-3/4, its highest since May 10. New-crop November ended up 26 cents at $9.80-3/4.
CBOT August soyameal ended up $7.60 at $313.80 per short ton and August soyaoil rose 0.20 cent at 33.24 cents per lb. Short-covering noted after supplemental data released by the US CFTC late Friday showed large speculators expanded their net short position in CBOT soyabeans in the week to June 27 to a record-high 146,696 contracts.
Additional support from follow-through buying after the US Department of Agriculture on Friday reported lower-than-expected US 2017 soyabean plantings and June 1 stocks. The USDA said private exporters sold 120,650 tonnes of US soyameal to Mexico, including 92,540 tonnes for 2017/18 delivery and 28,110 tonnes for 2018/19.
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