Front-month soyabean futures on the Chicago Board of Trade soared to a one-year high Friday, surging above $11 a bushel as a drop in the dollar lifted most commodities including grains and oilseeds, traders said. Dollar down broadly as German data boosts euro.
CBOT soyaoil surged to a near two-year high. Brisk export sales of US soyabeans to China this week lend support. Global soyabean prices seen at $12 per bushel by December, boosted by Chinese demand and La Nina - analyst Mistry. Flooding stalls soya harvest in upper US Midwest, Minnesota.
CBOT November soyabeans ended up 32-1/2 cents at $11.26 per bushel. Benchmark December soyameal up $7.70 at $313.20 per ton. Spot October soyaoil ended up 0.97 cent at 44.48 cents per lb after reaching 44.56, a contract high and the highest spot soyaoil price since October 1, 2008.
Most-active December soyaoil settled up 0.99 cent at 44.89 cents per lb. Contract highs set in most soyaoil contracts and in most deferred soyabean and soyameal contracts. Commodity funds were net buyers of an estimated 6,000 soyabean contracts, 1,000 soyameal and 3,000 soyaoil.
Volume in soyabean futures estimated above 188,000 contracts, well above the 30-day average of 101,412. Soyaoil futures volume estimated near 87,000 contracts, almost 25 percent above the prior 30-day average. Soyameal futures volume estimated near 64,000 contracts, almost 30 percent above the 30-day average.
India 2010/11 vegoil imports seen at record 9.3 million tonnes. Malaysia year-end palm oil stocks under 2 million tonnes - minister. After the close, the US CFTC's weekly supplemental report showed large speculators widened their net long in CBOT soyabeans to 127,197 contracts by September 21, up 14,627 from a week earlier.