CBOT soyabean futures higher

Chicago Board of Trade soyabean futures closed higher on Thursday on spillover strength from corn and worries that wet weather in the US Midwest will delay late plantings and threaten soyabean yield potential, traders said. CBOT July soyabeans settled up 10 cents at $8.88 per bushel. CBOT July soyameal ended up $2.20 at $321.70 per short ton and July soyaoil ended up 0.46 cent at 28.02 cents per pound.
The Commodity Weather Group in a daily client note said rains in the next 10 days, especially in the eastern Midwest, would likely stall soyabean planting. The US Department of Agriculture reported export sales of US corn in the week to June 6 at 531,100 tonnes (old and new crop years combined), in line with trade expectations.