CHICAGO: Chicago Board of Trade soyabean futures surged 1.8% on Thursday to hit a 7-1/2-month high on concerns about dry weather cutting US production below expectations. Strong export demand from China added to the bullishness about soyabeans, which rose for the fourth straight session.
The benchmark CBOT November soyabean futures contract broke through technical resistance at the high end of its 20-day Bollinger range. Soyameal and soyaoil futures also rose, with the most-active soyaoil contract also hitting its highest since mid-January while posting its fifth straight positive close.
The US Agriculture Department on Thursday morning said that soyabean export sales totaled 1.925 million tonnes in the week ended Aug. 20, in line with forecasts for 1.2 million to 2.4 million tonnes.
Comments
Comments are closed for this article.