US soy ends up on Argentine strike, commods rally

CHICAGO: Soybean futures on the Chicago Board of Trade closed 1 percent higher on Monday on concerns about a port strike in Argentina, along with spillover strength from corn, wheat and crude oil, traders said.

London's Brent crude settled above $101 a barrel on fears unrest in Egypt could spread to Middle East oil producing nations and disrupt oil shipments through the Suez Canal.

Argentine trade union says six-day-old grains port strike may worsen, stalling trade from the world's third-largest soy exporter.

CBOT March soybeans settled up 15 cents at $14.13 per bushel; new-crop November up 18 at $13.41.

For the month of January, CBOT soybeans rose 1.38 percent.

March soymeal rose $3.30 to settle Monday at $380.30 per ton.

March soyoil settled up 0.61 cent at 57.88 cents per lb.

Funds were net buyers of 5,000 soybean contracts, 1,000 soymeal and 3,000 soyoil, traders said.

CBOT market strength tempered by welcome rains in Argentina. The Argentine government said a second week of rains boosted soy crops in the top soy region of Buenos Aires.

Also bearish, USDA reported export inspections of US soybeans in the latest week at 29.690 million bushels, below trade estimates for 39 million to 43 million.

China Jan soy imports seen at 4.79 million tonnes, Feb lower.

Cash soybean basis steady/firm in US Midwest interior while river bids ease; farmer selling quiet. Floods in Malaysia lift palm oil to one-week high.