CHICAGO: Chicago Board of Trade soyabean futures closed higher on Tuesday, with the benchmark July contract hitting a three-week top on confirmation of US soya sales to China and expectations of improving export demand, traders said.
CBOT July soyabeans settled up 10 cents at $8.50-1/2 per bushel after reaching $8.56, the contract's highest since May 12.
CBOT July soyaoil rose 0.34 cent to end at 27.94 cents per pound, buoyed by strength in crude oil and allied Malaysian palm oil.
CBOT July soyameal finished up 60 cents at $283.70 per short ton.
The US Department of Agriculture (USDA) confirmed sales of 132,000 tonnes of US soyabeans to China, even though China has told state-owned firms to halt US soya purchases due to a dispute with the United States over China's actions in Hong Kong.
US soyabeans are more competitive than supplies from top global exporter Brazil. Currency moves have played a role, with the US dollar sliding since mid-May, while Brazil's real has firmed.
Rallies capped by favorable US crop conditions that support prospects for large US soya and corn harvests.
The USDA late on Monday rated 70% of the US soyabean crop in good to excellent condition, above an average of trade expectations for 68%.
Comments
Comments are closed for this article.