Chicago Board of Trade soyabean futures rose for a second straight day on Thursday and hit a two-week high, supported by strong demand for the oilseed and worries that US harvest yields are smaller than previously thought, traders said. CBOT January soyabeans settled up 8 cents at $9.99-1/4 per bushels after briefly rising above $10 a bushel for the first time in two weeks.
Private analytics firm Informa Economics trimmed its US 2017 soyabean yield estimate to 49.7 bushels per acre, from 50.0 bpa previously, and pegged the soyabean harvest at 4.447 billion bushels, compared with its October estimate of 4.474 billion. CBOT December soyameal ended up $3.80 at $317.40 per short ton and December soyaoil fell 0.04 cent at 34.86 cents per pound. The CME Group reported 50 deliveries against CBOT November soyabean futures.
The USDA reported export sales of US soyabeans in the latest week at 1,982,200 tonnes (old and new crop combined), above a range of trade expectations for 1,450,000 to 1,900,000 tonnes. The USDA reported weekly soyameal export sales at 224,500 tonnes (old and new crop years combined), and weekly soyaoil sales at 27,000 tonnes.