CHICAGO: Chicago Board of Trade soyabean futures closed higher on Friday on renewed export demand for US supplies and fears of tightening global vegetable oil supplies, traders said.
CBOT November soyabean futures settled up 24 cents at $13.65 per bushel.
For the week, the November contract rose 28-1/4 cents a bushel, or 2.1%, rebounding after last week's 0.9% decline.
CBOT most-active December soyoil rose 1.70 cents to settle at 63.28 cents per pound, and December soymeal ended up $1.90 at $360.40 per short ton.
The CBOT August soyabean, soyoil and soymeal futures contracts expired quietly.
CBOT soyoil drew support as rival Malaysian palm oil futures closed at a record high, gaining 5.5% for the week, amid concerns over tightening supply and as one cargo surveyor reported higher August exports so far.
On the export front, the US Department of Agriculture confirmed private sales of sales of 125,000 tonnes of US soyabeans to China and another 326,200 tonnes to unknown destinations, the latest in a recent flurry of US soy export sales.
Traders continue to digest Thursday's monthly USDA supply/demand report in which the government lowered its estimates of US soyabean yield and production more than most analyst expected.
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