Soyabean futures at the Chicago Board of Trade soared to a 34-year high on Friday, soyaoil jumped to a 33-year peak and soyameal held firm, traders said. With the global vegetable oil market soaring to record highs, investors kept buying vegetable oils ahead of an expected drawdown in US soya stocks in 2008, traders said.
At 10:17 am CST (1617 GMT), CBOT soya was up 2-1/2 to 12 cents per bushel, with January up 8 at $12.20-1/2 per bushel. The January contract reached a session high of $12.30, the highest price for a spot contract in nearly 34-1/2 years when a record $12.90 per bushel was notched.
Traders said export sales of US soyabeans remained strong despite the fact prices have rallied to near-record levels. Soyameal prices ranged from up $2.00 per ton to down 50 cents, with January up $1.90 at $337.80 per ton. Soyameal found support from the soya rally. Strong demand for poultry and livestock feed also boosted prices.
USDA said 78,200 tonnes of soyameal were sold for export last week, below the range of estimates for 100,000 to 150,000 tonnes. Soyaoil was up 0.20 cent to 0.40 cent per lb, with January up 0.20 at 48.94 per lb. January rallied to a session high of 49.22 cents per lb, the highest price for a spot soyaoil contract since the record high of 51.00 cents per lb in October 1974.