US soyabean futures ended higher Monday after trading choppily on either side of unchanged in thin action, traders said. Prices, which hit a two-week high of $13.91-1/4 during the session, were boosted by higher US corn and wheat prices, but follow-through buying was limited during much of the session. Market participants also eyed the dollar, which was slightly higher and in a narrow range.
"Grain prices are holding in here on weather forecasts, which look bullish for the next few days," said one floor. The soy harvest is nearly complete in South America, so soy traders are turning their attention to US Midwest and Delta weather. Cool, wet weather in the Corn Belt is delaying spring field work and slowing early seedings.
The USDA issues its crop progress and conditions report Monday at 4:00 pm EDT on Monday. Damp soil and cold weather around the US Midwest have likely put farmers well behind their ideal corn planting schedule and left them hoping for a quick warm-up as the deadline for optimal seeding approaches. Speculators cut their net long position in CBOT soyabeans during the week ended last Tuesday.
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