Chicago Board of Trade (CBOT) soyabean futures jumped more than 1 percent on Thursday on technical buying and short-covering, and as poor weather in South American soya areas threatened crops in Brazil and Argentina, traders said. CBOT March soyabeans rose 13-1/4 cents to $9.07-3/4 per bushel and broke through chart resistance at its 20- and 50-day moving averages. The contract's 1.5-percent gain was its steepest since November 28.
CBOT March soyameal ended up $2.10 at $312.20 per short ton while March soyaoil jumped 0.54 cent to 28.77 cents per pound. Concerns about lower soyabean yield prospects in South America due to adverse weather underpinned the market. Some analysts have cut their projections for crops in Brazil and Argentina.
The Buenos Aires Grains exchange cut its forecast for Argentine soyabean plantings this season to 17.7 million hectares, from 17.9 million hectares previously, due to excessive rains. Traders are watching for any renewed soyabean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
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