CHICAGO: Chicago Board of Trade (CBOT) soybean futures jumped more than 1 percent on Thursday on technical buying and short-covering, and as poor weather in South American soy areas threatened crops in Brazil and Argentina, traders said.
* CBOT March soybeans 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 Nov. 28.
* CBOT March soymeal ended up $2.10 at $312.20 per short ton while March soyoil jumped 0.54 cent to 28.77 cents per pound.
* Concerns about lower soybean 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 soybean plantings this season to 17.7 million hectares, from 17.9 million hectares previously, due to excessive rains.
* Traders are watching for any renewed soybean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
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