US soyabean futures closed higher on Wednesday, bolstered by unwinding of long-corn/short-soybean spreads, and technical buying on indications that the contract was oversold, traders said. Also supportive were rains in Brazil, which are slowing the soyabean harvest, and talk that China is seeking soyabeans from the United States or South America.
Funds bought an estimated 6,000 soybean contracts, floor sources said. May soyabeans settled 19 cents a bushel higher at $13.94-1/4, while new-crop November added 17-1/2 cents at $13.45-3/4. Estimated volume in soyabean futures totalled 202,698 contracts, according to the CME Group, up from 177,493 on Tuesday. May soymeal up $1.00 at $364.40 per ton. Following soybeans. Funds bought an estimated net 1,000 contracts. CBOT May soyoil up 1.20 cents at 58.80 cents per lb. Following soyabeans, and boosted by gains in crude oil futures. Funds bought an estimated 4,000 contracts.
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