US soyabean futures closed higher on Wednesday and near an eight-month peak amid shrinking supplies of soyabeans, low yields in South America and ongoing buying of soya by China. CBOT July soya was up 7 cents per bushel at $11.69 per bushel. Funds bought 2,000 lots. Dollar's decline to five-month low also supportive.
Fresh money flow continues to move into soya market. Profit-taking of the July/November spread weakened July relative to November. Dry weather improving conditions for corn and soyabean planting in the US but a return to cool and wet weather next week a concern.
Generally favourable weather for harvest of the South American soyabean crop. Europe rapeseed crop progress shows east-west split. US cash soya steady to higher. CBOT July soyameal closed 80 cents per ton higher at $374.80. Funds were even.
Soyameal followed soyabeans with fund buying cited. US exporters sell 100,000 tonnes US soyameal to unknown destination for 2009/10. CBOT July soyaoil closed up 0.20 cent per lb at 38.37. Soyaoil followed soyabeans with firm crude oil also supportive. Funds bought 1,000 lots. Palm down 1.0 percent as Malaysia exports meet expectations.