CBOT soybeans close higher on technical buying

CHICAGO: Chicago Board of Trade soybean futures rose on a technical bounce on Thursday, traders said.

Support was noted after the benchmark CBOT November soybean contract fell below its 20-day moving average.

But soybeans faced resistance at their 10-day moving average.

Forecasts for good growing weather in early August, the start of the key development phase for much of the soybean crop, kept gains in check.

Soymeal futures also rose, turning higher after the September contract found support at its 200-day moving average.

Soyoil futures were firm too.

Weekly export sales of soybeans came in at 835,200 tonnes, the US Agriculture Department said on Thursday morning.