Chicago Board of Trade soyabean futures rose for the fourth day in a row on Friday, hitting one week high on expectations for strong demand for soyameal, traders said.
Soyameal futures surged 2.5% to a nine-month high, buoyed by expectations for good sales to the livestock sector and on the export front.
Soyaoil futures also were firmer, but gains were kept in check as the recent rout in crude oil prices has cut into demand for biofuel.
Soyabeans also generated strength as recent price declines have made US supplies more attractive to overseas buyers.
Private exporters reported a sale of 110,000 tonnes of soyabeans for delivery to unknown destinations in 2019/20, the US Agriculture said on Friday morning. On Thursday, two trade sources with knowledge of the deal said that exporters sold soyabeans to China.
The most-active CBOT May soyabean futures contract broke through its 10-day moving average on Friday, settling above that key technical point for the first time since March 5.
Comments
Comments are closed.