Nearby soyabean futures on the Chicago Board of Trade closed fractionally higher on Wednesday as the market consolidated a day after the front contract fell to a 9-1/2 year low, traders said. CBOT July soyabeans settled up 1/2 cent at $8.89-1/2 per bushel while new-crop November ended down 1/2 cent at $9.10-1/2.
CBOT July soyameal fell $1.30 at $333.20 per short ton. CBOT July soyaoil rose 0.52 cent at 29.37 cents per pound, rebounding from a contract low set Tuesday.
Rebound in soyabeans capped by ongoing trade tensions between the United States and top global soya buyer China, which sent futures plunging on Tuesday. Also, forecasts for beneficial Midwest rains this week hang over the market, bolstering early prospects for a big US crop.
Ahead of the US Department of Agriculture's weekly export sales report on Thursday, traders expect the government to report US soyabean sales at 400,000 to 1,000,000 tonnes (old and new crop years combined).
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