Chicago Board of Trade soyabean futures closed higher on Wednesday, although long-awaited rains in key soybean-growing areas of Argentina limited the upside, traders said. Algeria has purchased a total of 1.75 million tonnes of wheat since the start of January.
In addition, the US Department of Agriculture reported that China bought 227,000 tonnes of US soyabeans, bringing its total purchases over the last two days to 2.967 million tonnes. Funds bought an estimated 5,000 soyabean futures contracts, a reversal in direction from Tuesday, when they sold 9,000 contracts. March soyabean closed up 11 cents per bushel at $13.85-1/2. New-crop November soyabean was up 11 cents at $13.23-3/4.
Daily volume was estimated at 164,147 contracts, according to data provided by the CME Group. March soymeal closed up $1.80 at $374.40 per ton. March soyoil up 0.92 cents at 56.70 cents per lb. Funds bought 4,000 contracts.
Comments
Comments are closed for this article.