CHICAGO: Chicago Board of Trade (CBOT) soyabean futures firmed on Monday as pressure from benign US crop weather was offset by strong export demand, most notably from China. CBOT August soyabean futures settled 1-3/4 cents higher at $9.06-1/2 per bushel, while November soyabean futures gained 1/2 cent to $8.99-3/4 per bushel.
CBOT December soyaoil ended down 0.23 cent at 30.14 cents per pound, while December soyameal added $2.70 to finish at $301.50 per ton. Generally mild temperatures and scattered rains were seen boosting soyabean crop prospects. The US crop is entering pod setting and filling stages, when favorable weather can boost yield prospects.
The US Department of Agriculture (USDA) is expected to keep soyabean condition ratings unchanged in a weekly report due later on Monday afternoon. China has ramped up purchases of US soyabeans this month, mostly for shipment after the harvest, as Brazilian supplies have run low following record large imports.
The USDA confirmed private sales of 132,000 tonnes of new-crop US soyabeans to China and 250,371 tonnes to Mexico. The USDA has confirmed soyabean sales for 10 straight days, mostly to China.
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