Chicago Board of Trade soyabean futures firmed on Thursday on worries about tight US soyabean supplies and ahead of Friday's last trading day for CBOT July soyabean options, traders said.
Old-crop US soyabean supplies are expected to drop to a 27-year low by Aug. 31, the end of the 2003/04 crop marketing year, but domestic demand has not slowed and last week's export sales topped expectations, they noted.
CBOT soyabeans were last up 2-1/2 cents to 10 cents, with July up 4 cents at $9.21-1/2 and November up 6 cents at $7.00 per bushel. R.J. O'Brien bought 200 July, Tenco Inc sold 100 November, Cargill Inc sold 200 November and ABN Amro sold 100 August, brokers said.
Open interest in July $10.00 soyabean calls is a hefty 13,264 contracts, the largest open interest of any CBOT July soyabean call strike, drawing prices toward that level ahead of expiry. Last trading day for CBOT July soyabean, soyameal and soyaoil options is Friday.
CBOT soyameal futures were last up $2.30 to $4.50 per ton, with July up $2.90 at $307.50 and December up $2.80 at $223.00 per ton. Cargill Investor Services and Citigroup each bought 1,000 August, brokers said.
CBOT soyaoil futures were last up 0.21 cent to 0.48 cent per lb, with July up 0.21 cent at 29.42 cents and December up 0.28 cent at 24.80. Citigroup bought 200 August, brokers said. A mixed close in rival Malaysian palm oil futures limited gains, they said.