CHICAGO: Chicago Board of Trade soybean futures rose for the third day in a row on Monday, hitting their highest since Sept. 22 on a bullish export inspections report from the US Agriculture Department, traders said.
Traders also noted another sharp rally in soyoil prices as supportive to soybean futures.
CBOT soyoil jumped 3.1 percent to its highest since August 2014, with tightening global supplies of vegetable oils and strong basis levels on the cash market leading prices higher.
A National Oilseed Processors Association report that showed the pace of crushing in September was faster than expected added further support.
Soymeal futures also rose but the benchmark December contract hit resistance near Friday's high of $306.00. Unwinding of long soymeal/short soyoil spreads kept the gains in check.
USDA reported weekly soybean export inspections of 2.509 million tonnes. Analysts had expected inspections in a range from 1.3 million to 1.6 million tonnes.
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