May soyabeans up 19 cents at $12.30 per bushel, new-crop November up 12-3/4 at $11.60. Rallied, led by nearbys on fresh export interest as the ongoing farmer strike in Argentina halts exports from that country. New-crop lags by wet weather in US Midwest that could limit corn seedings and encourage a shift to more soya.
Argentina farmers to meet Wednesday to decide whether to lift a 21-day strike that has caused food shortages and halted grain exports. USDA confirmed China bought 226,000 tonnes of 2007/08 US soyabeans within the past day. In China's Dalian markets, soyabeans were firmer in the nearbys, soyameal was mostly lower, soyaoil was mixed. Malaysian palm oil futures closed mixed.
Limits back to normal for soyabeans (70 cents per bushel) and soyameal ($20 per ton) but remain expanded for soyaoil (3.5 cents per lb). Spot Midwest basis for soyabeans were firm in US Midwest amid sluggish farmer selling. May soyameal down $4.10 at $326.40 per ton. Losing ground to soyaoil on meal/oil spreads.
May soyaoil up 2.10 cents at 54.25 cents per lb. Rallying after recent declines left the market oversold. Optimism about export demand adds support.