Chicago Board of Trade soyabean closed higher on Thursday, with the most-active November contract posting a one-month peak on export demand, short-covering and strength in soyameal, traders said. CBOT November soyabeans settled up 15-1/2 cents at $9.76 per bushel after touching $9.78-1/4, the contract's highest since August 10. Soyameal posted the biggest percentage move in the soya complex, with December settling up $7.70 at $313.10 after pushing through chart resistance at $310.
CBOT December soyaoil ended down 0.01 cent at 35.08 cents per pound. Cash values for soyabeans and soyameal at the US Gulf export terminal have firmed in recent days, due in part to exporters seeking high-quality soyabeans for blending with some damaged supplies. The USDA reported export sales of US soyabeans in the latest week at 1.6 million tonnes, topping a range of trade expectations for 1.0 million to 1.3 million tonnes.
Through its daily reporting system, the USDA said private exporters sold 198,000 tonnes of US soyabeans to China for delivery in the 2017-18 marketing year that began September 1. Background support noted from potential planting delays in top soya exporter Brazil due to dry conditions, as well as excessive wetness in Argentina.
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