Soyabean futures at the Chicago Board of Trade were called to open 5 to 7 cents per bushel higher on Thursday on follow-through technical buying amid worries about smaller yields as soyabeans were standing in water in several areas of the upper US Midwest, traders said.
At least 5 to 10 inches of rain have fallen across the northern US crop region since the weekend, raising concerns that yields could be hurt. Weekly export sales and monthly crush data were also supportive. The products were expected to open firm, supported by strong exports and smaller-than-expected US stocks as reported by the US Census Bureau before the open.
CBOT soyameal was seen opening 50 cents to $1 per ton higher and soyaoil up 0.15 to 0.25 cent per lb. The US Agriculture Department said US soyabean export sales from last week were 957,800 tonnes (5,800 tonnes old-crop), vs. estimates for 250,000-500,000 tonnes.
USDA reported that 256,600 tonnes of US soyameal (144,900 tonnes old-crop) were sold for export last week, vs. estimates for 75,000-150,000 tonnes. US soyaoil export sales from last week were 19,600 tonnes (all old-crop), compared with estimates for 10,000-20,000 tonnes.