CHICAGO: Chicago Board of Trade soybean futures rose on Tuesday for a fourth straight session on technical buying and position-squaring ahead of a monthly US Department of Agriculture report, analysts said.
The CBOT January soybean contract settled up 12-3/4 cents at $10.11-1/4 per bushel after reaching $10.20-3/4, its highest level since Oct. 28. Traders noted farmer selling at the day's highs.
Technical buying accelerated as the January contract broke through chart resistance at its 100-day moving average at $10.02-1/2.
Soybeans and soyoil drew early strength from Dalian soyoil and Malaysian palm oil futures, which firmed in part on concerns of declining palm output.
Analysts surveyed by Reuters on average expect the USDA in its monthly supply/demand reports on Wednesday to raise its estimates of US soybean production and 2016/17 ending stocks.
CBOT soymeal was supported by confirmation from USDA that private exporters sold 116,100 tonnes of US soymeal to the Dominican Republic for 2016/17 delivery.
The USDA said the US soybean harvest was 93 percent complete by Sunday, ahead of the five-year average of 91 percent.
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