Chicago Board of Trade soyabean futures closed higher Friday on follow-through buying a day after the US Department of Agriculture lowered its estimates of the US 2017 soyabean yield and 2017-18 soya ending stocks, traders said. CBOT November soyabeans settled up 8-1/4 cents at $10.00-1/4 per bushel after reaching $10.03-1/4, the contract's highest since July 31. For the week, the contract rose 28 cents, or 2.9 percent, the biggest weekly advance in three months.
Better-than-expected weekly export sales lent support. The USDA reported export sales of US soyabeans in the latest week at 1,747,300 tonnes, topping a range of trade estimates for 900,000 to 1,200,000 tonnes. CBOT December soyameal settled up $2.30 on Friday at $328.60 per short ton while December soyaoil rose 0.41 cent to 33.69 cents per pound. The CBOT October soyameal and soyaoil contracts expired quietly.
Top global soya buyer China imported 8.1 million tonnes of the oilseed in September, up 12.7 percent on a year ago, after crushers saw margins improve over the summer. Rains expected in the US Midwest this weekend should slow the harvest but forecasts called for mostly dry weather next week.
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