Soyabean futures on the Chicago Board of Trade surged to a fresh seven-month top on Thursday, boosted by strong export sales and crush data, traders said. May soyabeans rose 16 cents to $11.66 per bushel, before expiring at midday. July soyabeans closed up 19-1/2 cents at $11.47-1/2 and new-crop November ended 10-1/2 higher at $9.92 firming the spread by 9 cents to $1.55-1/2 premium July.
July soyameal ended up $9.80 at $362.30 per ton; May meal expired at noon at $381.50, up $3. July soyaoil settled 0.32 cent lower at 38.84 cents per lb amid meal-oil spreading; May oil expired down 0.30 cent at 38.60 cents. Commodity funds bought 3,000 soybean contracts, 2,000 soyameal and sold 1,000 soyaoil - traders. Weekly export sales data was strong for the complex and USDA confirmed a fresh sale of 120,000 tonnes of 2009-10 soyabeans to China, as rumoured Wednesday.
USDA reported US soyabean exports from last week at 754,800 tonnes (401,900 tonnes old-crop), above estimates for 650,000 to 750,000 tonnes. USDA said US soyameal export sales last week were 338,900 tonnes (260,100 tonnes old-crop), above estimates for 150,000 to 250,000 tonnes. USDA said last week's export sales of US soyaoil were 20,200 tonnes (all old-crop), above estimates for 10,000 to 20,000 tonnes.
US industry group April crush figures were supportive for soyabeans and soyameal. National Oilseed Processors Association said its members crushed 134.115 million bushels of soyabeans in April versus March 137.257 million and above average estimate for 132.1 million. NOPA said its April soyameal exports were 632,916 tons versus March 504,329 tons.
NOPA April soyaoil stocks 2.710 billion lbs versus March 2.593 billion. US Midwest basis bids for soyabeans were stronger early Thursday as nearby supplies were not keeping up with demand. Wet weather across the Midwest is delaying soyabean planting, but break in rains expected next week. Egypt's Meditrade buys 27,000 tonnes sunoil.