US soyabean futures rose for the third straight day on Thursday, led higher by strength in the soyameal market stemming from news an Argentine soya crusher was experiencing financial stress, traders said.
Corn futures were trading close to unchanged while wheat eased on signs of weak export demand for US supplies.
Argentine soya crusher Vicentin said in a statement on Thursday it had begun a payment restructuring process due to "financial stress" affecting the company.
At 10:43 a.m. CST (1643 GMT), Chicago Board of Trade soyabeans for January delivery were up 8 cents at $8.86. The January soyameal contract was $5.80 higher at $302.50 a ton, with prices hitting their highest since Nov. 25.
Signs of a pick-up in overseas demand for US soyabeans also contributed strength to the soya market. The US Agriculture Department said on Thursday morning that private exporters reported the sale of 245,000 tonnes of soyabeans to unknown destinations, including 125,000 tonnes for delivery in the 2019/20 marketing year and 120,000 tonnes for delivery in 2020/21.
"We've also had a couple of private sales of beans this morning," said Brian Hoops, president of Midwest Market Solutions.
But a USDA report showed weekly export sales of soyabeans totaled just 683,800 tonnes, a six-week low. Analysts' forecasts had ranged from 700,000 tonnes to 1.3 million tonnes. Uncertainty about a trade deal with China also kept soyabean gains in check.
CBOT March soft red winter wheat futures were down 3-1/2 cents at $5.24 a bushel. CBOT March corn was up 1/4 cent at $3.78-3/4 a bushel.
Wheat export sales of 228,100 tonnes were the lowest since mid-June and also below a range of market forecasts. Corn export sales came in at 548,500 tonnes, near the low end of estimates that ranged from 500,000 tonnes to 900,000 tonnes.
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