Soyabean futures on the Chicago Board of Trade closed with a 1.14 percent gain on Monday, bolstered by hot and dry weather in Argentina and bullish market expectations for Wednesday's US Agriculture Department crop report, traders said. Firm crude oil prices further underpinned soybean futures. Funds bought an estimated 5,000 soybean futures contracts, floor sources said, as well as 3,000 soymeal, and 1,600 to 2,000 soyoil.
Soymeal also benefited from talk that China may increase its meal purchases, sources said. January soyabeans ended up 15-1/2 cents at $13.73-1/4 per bushel; most-active March was up 15-1/2 at $13.80-1/2, new-crop November up 6 cents at $12.87-3/4. March soymeal up $7.90 at $370.60 per ton. March soyoil up 0.31 cent at 57.13 cents per lb. In addition to concerns about Argentina, heat and lack of moisture also is a problem in key soybean-growing areas of Brazil. No deliveries on January in soyabeans or soymeal. Deliveries on January soyoil totalled 1,453 contracts.
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