Soyabean futures on the Chicago Board of Trade (CBOT) closed up on Friday on short-covering and bargain buying as fresh export news lends support, analysts said. The wet weather in the US Midwest, which could boost soyabean acreage if corn planting is delayed added pressure to futures and limited the upside in the soya market.
CBOT May soyabeans settled up 4-1/4 cents at $9.51 per bushel. CBOT May soyameal increased $1.70 to $309.60 per ton, while CBOT May soyaoil ended up 0.02 cent at 31.94 cents per lb. The US Department of Agriculture said private exporters sold 146,000 tonnes of US soyabeans to unknown destinations for delivery in the 2016/17 marketing year.
Statistics Canada projected Canadian canola plantings at a potential record-high 22.4 million acres, up from 20.37 million in 2016 and above an average of analysts' expectations. Malaysian July palm oil futures rose 1.04 percent, buoyed by stronger demand ahead of Ramadan and on a technical correction after sharp falls earlier this week.