Technical buying and strong export demand pushed Chicago Board of Trade soyabeans futures higher for the third day in a row on Thursday, traders said. CBOT November soyabeans closed up 5 cents at $8.55 per bushel. CBOT December soyameal rose $0.90 to $311.80 per short ton. December soyaoil rose 0.36 cent at 29.15 cents per pound.
A fall in prices to near 10-year lows last week has helped spur demand for US soya, traders said. Weekly US soyabean export sales were 872,300 tonnes last week, according to the USDA. That was in line with analysts' estimates. US soya exports to China have dried up since Beijing imposed tariffs on the shipments in July as part of a trade row between the world's two largest economies.
Traders are hoping for more demand from nations such as Brazil and Argentina as a result of a reshuffling of global soya exports due to the dispute. In a separate report on quarterly grain stocks on Friday, the USDA is expected to peg soyabean stocks at 401 million bushels. That would be up from 302 million a year earlier and the largest Sept. 1 figure since 2007. Traders said they were evening up positions ahead of the report.
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