Soyabean futures at the Chicago Board of Trade rose Friday as the market was viewed technically strong, mimicking the moves in the vegetable oil markets, traders said. CBOT soyabean oil spiked to contract highs early, with the spot month notching a near 23-year high as it continues to take its cue from the roaring Malaysian palm oil market.
Palm oil futures closed 2.2 percent higher overnight after hitting a nine-year high on firm exports and outlooks for stocks to drop, traders said. July soyabeans were up 3-1/2 cents at $8.08-3/4 per bushel by 11:40 am CDT (1640 GMT). The back months were up 2-1/2 to 4 cents.
July soyabean oil was 0.15 cent higher at 35.73 cents per lb, after notching a contract high of 36.05 cents. Soyameal followed along, up 50 cents to $1.70, with July up 90 cents at $218.10 per ton. In soyabeans, buying was scattered among commission houses while soyameal and soyaoil were supported by commercial buying.
Processor Bunge bought 900 July soyaoil and Tenco bought 500 July soyameal, traders said. The soyabean and soyaoil markets remain technically strong, trading above all key moving averages.
Commodity funds have extended their net long positions in both markets over the past week, making them vulnerable to a technical setback, traders said. CBOT markets will be closed Sunday night and Monday's day session for the US Memorial holiday. Markets reopen Monday night.