CHICAGO: Chicago Board of Trade soyabean futures soared on Tuesday, reaching fresh 6-1/2 year highs despite promising labor talks in Argentina that could resolve the more than two-week port strike that has blocked soya shipments, traders said.

The benchmark CBOT March soyabean futures contract settled 38-3/4 cents higher at $12.96-1/4 per bushel, after reaching $12.99-1/2 per bushel, the highest on a continuous basis for the most-active contract since June 23, 2014.

New life-of-contract highs were met in nearly all contract months.

CBOT March soyameal ended $11.60 higher at $424.30 per short ton, while March soyaoil gained 0.70 cent to 41.75 cents per lb.

More than $1.4 billion in Argentine agriculture exports have been blocked from loading due to a prolonged labor strike by oilseed workers and grain inspectors, though Tuesday’s negotiations showed signs of progress.

Large speculators raised their net long position in Chicago Board of Trade soyabean futures to 178,243 contracts in the week of December 21.—Reuters