CHICAGO: Chicago Board of Trade soybean futures closed higher on Wednesday, led by strength in soyoil tied to a monthly report showing an unexpected monthly drawdown in domestic supplies, traders said.
CBOT January soybeans settled up 8-1/2 cents at $9.76-1/4 per bushel, a day after dipping to $9.67, a six-week low.
CBOT December soyoil ended up 0.74 cent at 34.75 cents per pound after the National Oilseed Processors Association (NOPA) pegged soyoil stocks at the end of October at 1.224 billion pounds, down from 1.302 billion at the end of September, bucking trade expectations for an increase.
NOPA said its members crushed 164.242 million bushels of soybeans in October, the fifth highest month on record, and in line with trade expectations.
CBOT December soymeal rose $1 at $311.30 per short ton.
China will import 100 million tonnes of soybeans in 2017-18, a senior executive at COFCO Corp forecast, topping official US and Chinese estimates.
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