US soyabean futures climbed to a two-month high on Monday on brisk US exports and rising prices for vegetable oils. Chicago Board of Trade wheat fell 3 percent and corn futures more than 1 percent, weighed down by spread trading tied to abundant global grain supplies and a firm dollar that made US commodities more expensive in international markets. CBOT November soyabeans were up 10-1/4 cents at $9.93-1/4 per bushel at 12:10 pm CDT (1710 GMT), after hitting a high of $9.99-3/4. Soyaoil futures gained 2 percent and canola futures 1 percent.
Malaysian palm oil closed up 3 percent at the highest levels in more than two years as Asian vegoil supplies declined. Higher US soya prices came despite a record-large soyabean harvest that analysts predicted at 77 percent complete and as grain prices fell sharply. CBOT December wheat fell 13-1/2 cents, or 3.3 percent, to $4.01 per bushel, on pace for its largest daily losses in two months. Some traders were selling the front-month contract and buying deferred contracts.
CBOT December corn was down 5 cents at $3.47-1/2 per bushel, pressured by the US harvest and losses in wheat. The US Department of Agriculture said 2.7 million tonnes of soyabeans were inspected for export in the week ended October 20, compared with 541,527 tonnes of corn and 244,331 tonnes of wheat. The soyabean shipments were above the high end of analysts' expectations. Demand for US wheat was limited. Wheat prices in Russia gained for the sixth straight week, prompted by recent purchases of Russian wheat by top importer Egypt.