US soyabean futures on the Chicago Board of Trade rose on Monday amid continue strong demand for American soya from China and rally in soyaoil, traders said. Soya complex brushed off the weakness from lower crude oil and equity markets. May soyabeans ended 14-1/2 cents up at $10.21-1/2 a bushel; new-crop November closed 5-1/4 higher at $9.27-1/4.
Soyameal followed the moves in soyabeans, with old-crop gaining on new-crop. May soyameal ended up $1.90 at $313.10 per ton. May soyaoil closed up 0.64 cent per lb. at 36.06 cents on spillover strength from the Asian vegetable oil markets. Malaysian palm oil ended up 1.6 percent but off a seven-month high on shrinking palm oil stocks. USDA reported soyabean inspections were running 11 percent ahead of year ago and included a 5 million-bushel upward revision in last week's tally.
More than half of this week's exports, 10.4 million bushels, were headed to China. Chinese customs figures issued April 10 confirmed that the country bought 3.86 million tonnes of soyabeans in March, a 66.6 percent rise from a year earlier and the second highest monthly tally.
Malaysian crude palm oil stocks in March fell to their lowest in 20 months at 1.36 million tonnes, down 12.89 percent from February - Malaysian Palm Oil Board said Friday. Exports of Malaysian palm oil products for April 1-10 rose 3.7 percent to 391,223 tonnes from March - cargo surveyor Societe Generale de Surveillance. Commodity funds bought 3,000 soyabean contracts, 1,000 soyameal and 2,000 soyaoil on Monday -traders. Large speculators increased their long position in soya futures and options and reduced their net short in soyabean oil in the week ended April 7- CFTC supplemental report.
In soyameal, futures-options funds cut their net long -CFTC. US Midwest basis bids for soyabeans were steady late Monday amid scattered farmer sales, sparked by CBOT rally -dealers. Midwest weather outlook improving for western Corn Belt, improving outlook for preplanting fieldwork and early corn planting.
Brazilian soya crop 69 percent harvested, forward sales lag. National Oilseed Processors Association to issue March crush data on Tuesday. On average, analysts expect the group to report a crush near 137.7 million bushels, compared to 128.7 million in February. Open interest for soyabean calendar swaps stood at 30 contracts.