US soyabean futures rose for a fifth straight session on Monday to their highest in two weeks as Chinese importers resumed buying. Chinese importers bought at least two bulk cargo shipments of US soyabeans, or about 120,000 tonnes, for shipment in January and February, US exporters said. The deals came after Beijing offered the buyers new waivers from retaliatory import tariffs on at least 1 million tonnes of US soyabeans, they said.
China, the world's top soyabean importer, has slashed purchases from the United States since the start of the countries' trade war last year and has bought soyabeans from South America instead.
China's November soyabean imports jumped from a year ago as shipments from the United States cleared customs after they were booked during a truce in the Sino-US trade war, customs data showed.
The most-active soyabean futures contract on the Chicago Board of Trade was up 10-1/2 cents to $9.00 a bushel by 11:15 a.m. CST (1715 GMT). The contract earlier climbed to its highest price since Nov. 22 at $9.03-1/2 a bushel.
January soyaoil futures jumped to their highest price since Nov. 11 and were up 0.54 cent to 31.76 cents per pound at the CBOT.
Malaysian palm oil futures neared 3-year high on fears of a sharp fall in supply. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
The gains in soyaoil futures helped support soyabeans, said Brian Hoops, president of US broker Midwest Market Solutions.
US grain markets were also awaiting further information about global supply and demand from monthly US Department of Agriculture (USDA) crop forecasts due on Tuesday. CBOT wheat was up 1-1/2 cents at $5.26 a bushel, while corn was flat at $3.76-3/4 a bushel.
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