Chicago Board of Trade (CBOT) soyabeans futures touched a 5-1/2-week high on Monday in a relief rally after the United States, Mexico and Canada said they have reached a trilateral deal to replace NAFTA. The United States and Canada forged a last-gasp deal on Sunday to salvage NAFTA as a trilateral pact with Mexico.
Additional support stemming from concerns that rainy weather in the central United States would delay the harvest. CBOT November soyabeans closed up 12-1/4 cents at $8.57-3/4 per bushel. CBOT December soyameal rose $4.80 to $313.80 per short ton. December soyaoil added 0.32 cent to 29.31 cents per pound.
Big supplies continue to anchor the soya market. The US Department of Agriculture, in a quarterly report on Friday, said soyabean stocks were 438 million bushels as of Sept. 1, exceeding analysts' estimates by 9 percent. The USDA also increased its estimate for last year's soyabean harvest.
Demand also remains uncertain because China, the world's top soya importer, has curbed purchases of the US soyabeans over a trade dispute. US President Donald Trump on Monday said it was "too soon" for Washington to talk to Beijing about working out a deal on trade. Brazil's 2018-19 soyabean crop is seen reaching 120.4 million tonnes, a record, according to the average view from 10 analysts and consultants in a Reuters poll.