CBOT soybeans rise for third straight day

Friday, 03 February 2012 01:15

CHICAGO: Chicago Board of Trade soybean futures closed higher for the third day in a row on Thursday due to tight supplies of crops in the cash market, traders said.

* Bearish outside markets such as a firm dollar and weak crude oil market limited gains in soybeans.

* Soymeal and soyoil futures also closed slightly higher.

* Trading was choppy, with soybeans trading in both positive and negative territory during the session.

* The US Agriculture Department said on Thursday morning that weekly export sales of soybeans were 368,400 tonnes, near the low end of forecasts for 350,000 to 550,000 tonnes.

* Export sales of soymeal were 74,700 tonnes, slightly below the low end of analysts' forecasts for 75,000 to 150,000 tonnes. Soyoil export sales were 6,800 tonnes, in line with estimates for zero to 10,000 tonnes.

* China will sign soybean import deals during a US trip by Vice President Xi Jinping this month, but volumes are seen falling short of the biggest ever one-off deal signed a year ago.

* Goldman Sachs raised its three-, six- and 12-month price forecasts for CBOT soybeans to $12.90 per bushel from its previous projection of $12.15 due to tight US supplies and smaller-than-expected South American crops.

* Taiwan's Breakfast Soybean Procurement Association will tender on Friday to buy up to 60,000 tonnes of US or South American soybeans for shipment from March 11-25, traders said.