US soyabean futures on the Chicago Board of Trade touched a five-week high on Monday on continuous price charts amid concerns about Argentine crop prospects, traders said. Welcome rains fell in parts of Argentina over the weekend but coverage was below expectations in some areas; hot weather expected in the coming weeks.
Soyabeans in Argentina's top growing province Buenos Aires are taking a hit from dryness, while farmers continued sowing in other provinces, according to Argentine government. CBOT January soyabeans settled up 16-1/2 cents at $13.15-1/4 per bushel. January soymeal ended up $3.70 at $351.50 per ton. January soyoil up 0.85 cent at 54.98 cents per lb. Soyoil bolstered by an upturn in crude oil following a choppy session.
Funds bought a net 5,000 soybean contracts, 2,000 soymeal and 4,000 soyoil, floor traders said. Volume in soybean futures was robust, estimated at nearly 200,000 contracts, 10 percent above the 30-day average. USDA reported weekly soybean export inspections at 44.602 million bushels, above estimates for 32 million to 38 million.