Chicago Board of Trade soyabean futures closed higher on Thursday, returning to positive territory on leadership from corn, traders said. Earlier, concerns that stronger growth might force China to raise lending rates to control inflation also weighed on commodities. Wetter weather in Argentina also capped gains.
However, traders noted soyabean prices rotated higher in the afternoon. Buyers were seen on dips, they said. March closed up 2-3/4 cents per bushel at $14.14-1/4. New-crop November was up 5-3/4 cents at $13.41-3/4. Funds were net sellers of an estimated 2,000 soyabean futures contracts. Daily volume was estimated at about 199,166 contracts, according to data provided by the CME Group.
Soyabean spot basis bids eased at US Midwest river terminals Thursday but were mostly steady at interior points. March soyameal closed up $2.00 at $385.30 per ton. Following soyabeans. Funds bought 1,000 contracts. March soyaoil up 0.14 cents at 57.69 cents per lb. Funds sold 3,000 contracts.
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