Soyabean futures on the Chicago Board of Trade extended their 28-1/2-month highs on Wednesday, lifted by spillover strength from wheat along with news of fresh sales of US soyabeans to China, traders said. USDA confirmed sales of 440,000 tonnes of US soyabeans to China for 2011/12 delivery.
Futures backed off the day's highs by the close to post more modest advances amid profit-taking. Soy market strength limited by news that Argentine grain workers halted a strike following a government order for compulsory conciliation. CBOT March soyabeans ended up 6 cents at $14.44 per bushel after reaching $14.52, highest spot price on continuous charts since September 2008. New-crop November soyabean up 7 cents at $13.75.
March soyameal ended down $3.10 at $386.90 per ton. March soyaoil up 0.53 cent at 59.25 cents per lb. Soyaoil gained against soymeal on oil/meal spreading. Commodity funds were net buyers of 4,000 soyabean contracts and 2,000 soyaoil, while funds sold 1,000 soyameal, traders estimated. Rosario Grains Exchange lowered its estimate of Argentina's soyabean harvest to 48.5 million tonnes, down 1 million; corn seen at 19.7 million tonnes.
Informa Economics left its estimates for Argentina's soybean crop unchanged at 49 million tonnes and Brazil's soy crop unchanged at 69.3 million tonnes. Rainfall this week boosted soyabean prospects in Argentina; overall satisfactory crop weather continues in Brazil
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