CBOT January soybean futures rallied 21-1/4 cents per bushel to $13.50 late on Thursday and to a fresh 27-month top as heat and dryness threatened Argentina's soybean crop, traders said. CBOT January soybeans up 17-1/2 cents at $13.46-1/2 per bushel. The dealers noted modest sales of soybeans on Thursday as cash prices continued to climb above respective old- and new-crop price targets of $13 and $12.
Soymeal spot basis offers were largely unchanged around the United States on Thursday in light, pre-holiday trading, dealers said. CBOT January soymeal up $4.60 at $357.30 per ton as of 12:55 pm CST (1855 GMT). Some end users bought animal feed for pickup by truck on Friday or next week but there was little activity in the rail market as most livestock and poultry producers already bought what they needed ahead of the Christmas holiday this weekend.
Dealers in some locations discounted basis offers this week in an effort to spur demand while offers firmed at other locations amid tight crush margins at processors. US Census Bureau November soymeal stocks 484,173 tons, versus trade estimates 423,000. USDA said export sales of US soymeal last week totalled 114,200 tonnes, below estimates for 175,000 to 225,000 tonnes.
Soyoil cash basis has climbed nearly 30 percent since last week in anticipation that demand for the oil will rise following the renewal of a biodiesel tax credit, traders and analysts said. CBOT soy complex firm on better-than-expected crush, strong exports and dry weather in Argentina, which is delaying soy plantings there CBOT January soyoil <BOF1> up 0.47 cent at 56.44 cents per lb. The CBOT January board crush down 0.35 cent at 60.40 cents per bushel.
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