Chicago Board of Trade soyabean futures rose for the fourth day in a row on Thursday on forecasts for more hot and dry weather across key growing regions in Argentina. The most active soyabean futures contract close near the session peak of $10.24-3/4 a bushel, its highest since July 25. Soyameal futures led soyabeans higher again. Soyameal has risen for eight straight trading sessions, gaining 14.3 percent and hitting its highest since July 2016 during the stretch.
Soyaoil futures weakened on long soyameal/short soyaoil spreading. But soyaoil remained above recent lows. The US soyabean crushing pace in January fell below trade expectations but was still the highest ever total for the month. The National Oilseed Processors Association said its members processed 163.111 million bushels of soyabeans last month.
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