Chicago Board of Trade soyabean futures rose to their highest since July 28 on Wednesday, reversing overnight losses on a round of technical buying, traders said. Ongoing concerns about drought curbing Argentine crop production continued to underpin soya prices. The benchmark CBOT March soyabean futures contract found support near the 23.6 percent retrenchment point on a Fibonacci chart tracking the month's rally to a two-month high.
Soyameal futures rose for the seventh straight day, gaining 1.3 percent, but failing to take out Tuesday's high. Argentina is the world's top soyameal exporter. Soyaoil futures firmed on short-covering, snapping a five-session losing streak that pushed prices to their lowest since June 23.
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