CHICAGO: Chicago Board of Trade soyabean futures rallied on Friday, supported by soyameal demand and weather forecasts predicting hot, dry conditions into August, as US crops begin developing pods, a crucial time in the plants development, analysts said.
CBOT August soyabeans added 27-3/4 cents to $16.37 a bushel, while November soyabeans gained 28 cents to $14.68-1/2 a bushel, after reaching $14.89 a bushel, its highest since June 30. For the week, the most-active soyabean contract gained 11.99 percent, it’s biggest weekly climb since July 23, 1999.
CBOT’s Most-active December soyaoil futures firmed 2.41 cents to 65.66 cents per lb, CBOT December soyameal eased 50 cents to $418.50 per short ton, while nearby August soyameal climbed $5.60 to $495.30 per short ton. CBOT Soyameal found new life-of-contract highs in nearly every contract month.
WHEAT FALLS
Chicago Board of Trade wheat futures eased on Friday as plans progressed to ship grain through Ukraine’s Black Sea ports, though uncertainty remained. CBOT September soft red winter wheat fell 9-1/4 cents to $8.07-3/4 a bushel. K.C. September hard red winter wheat fell 15-1/4 cents to $8.74-1/2 a bushel. MGEX September spring wheat lost 22 cents to $9.06 a bushel. Ukraine’s president said his country is awaiting a signal from the United Nations and Turkey to start shipments.
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