CHICAGO: Chicago Board of Trade soyabean futures rallied to a fresh 6-1/2 year high on Wednesday despite the resolution of an Argentine labor strike that had delayed export shipments as investors turned their focus to dry weather that threatened South America’s soya crops.
The benchmark CBOT March soyabean futures contract settled 4-1/2 cents higher at $13.00-1/2 per bushel, after peaking at $13.06 a bushel, the highest on a continuous basis for the most-active contract since June 23, 2014.
CBOT March soyameal ended $3.50 higher at $427.80 per short ton, while March soyaoil gained 0.11 cent to 41.86 cents per lb.
New life-of-contract highs were posted in all soyabean contracts and most soyameal and soyaoil contracts.
Argentine soyameal and soyaoil factories went back into production on Wednesday after a 20-day strike by oilseed workers was ended late the night before by a new wage contract for the coming year, union and industry sources said.
Soyabeans remain supported by worries over dry conditions in Argentina and Brazil.—Reuters
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