Chicago Board of Trade soyabean futures closed higher on Friday on some harvest delays in South America, traders said. Weekend position-squaring and nervousness ahead of the March 31 release of the US Department of Agriculture's plantings report kept soya in a tight range late in the day.
Volume in CBOT soyabeans was estimated at 122,332 contracts, down about 43 percent from its 30-day average, according to data computed by Thomson Reuters. Rain in Argentina delayed harvesting, but it should get drier by next week. Dry weather was forecast for northern Brazil which would boost harvest, but wet weather is in the outlook for southern Brazil.
Rising water on the upper Mississippi River, the main artery for shipping grain to the US Gulf export terminals, could interrupt barge movement next month, but a cold spell this week has given shippers a short reprieve. US Gulf FOB export premiums were steady late Thursday due to seasonally slow demand, and Midwest cash basis were mostly flat.
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