Chicago Board of Trade soyabean futures hit a one-week high on Friday as fears of stressful crop weather in Argentina lifted soyameal futures, traders said. CBOT January soyabeans settled up 18-1/2 cents at $9.90-1/2 per bushel after reaching $9.92, the contract's highest since Nov. 9. For the week, January soyabeans rose 3-1/2 cents or 0.4 percent.
CBOT December soyameal on Friday closed up $7.70 at $318.20 per short ton while December soyaoil was nearly flat, finishing up 0.01 cent at 34.44 cents per pound. Soyameal futures surged on worries that the strengthening La Nina weather phenomenon could cause hot and dry weather in Argentina, the world's biggest soyameal exporter. However, beneficial rains are forecast in soya areas of Brazil. Broad strength across commodities and a weaker dollar lent support. The 19-market Thomson Reuters CoreCommodity Index was up more than 1 percent.
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