Soyabean futures on the Chicago Board of Trade rallied to an all-time high on Tuesday, boosted by strong Chinese demand for soyabeans and soyaoil, traders said. "It's China buying led by the edible oils," said Anne Frick, an analyst with Prudential Financial in New York.
March soyabeans were up 22 cents $13.95-3/4 per bushel by 11:25 am CST (1725 GMT), with a record top of $14.39-3/4 made in the July contract. The soyaoil market was the strongest of the complex amid the hot demand for vegetable oils by China. March soyaoil was up 1.44 cent at 60.01 cents per lb. An all-time high above 62 cents was notched in December.
CBOT soyameal was up $2 to $7 per ton, lifted by the strength in soyabeans and soyaoil. March meal was up $2 at $360.80. Beijing was buying soyabeans and soyaoil for newly created government reserves last week to help secure food supplies and, eventually, to tame inflation, traders and industry officials in Hong Kong and Beijing said on Tuesday.
There was talk that China may have bought more than 10 cargoes of South American soyabeans and as much as 100,000 tonnes of soyaoil from South America in the past week, traders said.