CHICAGO: Chicago Board of Trade soyabean futures closed higher on Thursday on hopes for Chinese demand and concerns about dryness hurting US harvests, analysts said.
November soyabeans closed 7-1/4 cents higher at $9.62 a bushel. The most-active contract on Monday touched its highest price since June 2018 at $9.66-3/4.
December soyameal futures fell $0.60 to $310.20 per short ton, after setting their highest prices since March on Monday. December soyaoil rose 0.65 cent to 33.53 cents per pound, after setting its highest price since January on Monday.
Traders are looking ahead to the US Department of Agriculture's Sept. 11 monthly supply and demand reports for updated estimates on crop production and yields.
A farmer survey conducted by agricultural commodity brokerage and analysis firm Allendale forecast the 2020 US soyabean yield at 51.93 bushels per acre and soyabean production at 4.311 billion bushels.
Comments
Comments are closed for this article.