Chicago Board of Trade soyabean futures closed slightly higher on Friday, with technical buying supporting prices after early declines, traders said. Buyers stepped into the market after the benchmark Chicago Board of Trade May soyabean futures contract fell below its 100-day moving average.
But gains were limited as resistance was noted at the 50-day moving average. Soyameal futures weakened after CBOT May failed to hold support above its 50-day moving average. May soyameal hit a seven-week low.
Soyaoil futures rose on the unwinding of long soyameal/short soyaoil spreads. CBOT May soyaoil broke through its 30-day and 200-day moving averages.
For the week, the most-active soyabean contract rose 1.2 percent. Most-active soyameal futures dropped 0.7 percent this week and most-active soyaoil was up 4.8 percent.
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