CHICAGO: Chicago Board of Trade soyabean futures closed higher on Wednesday for a 12th straight session, buoyed by continued export demand from China and worries about crop-killing frost in parts of the US Midwest, traders said.
CBOT November soyabean futures settled up 5-3/4 cents at $9.78-3/4 per bushel after reaching $9.81-3/4, the highest for a most-active soyabean contract on a continuous chart since June 2018.
CBOT December soyameal ended up $3.50 at $318.10 per short ton while December soyaoil declined, settling down 0.19 cent at 33.21 cents per pound. Soyaoil futures pressured in part by declines in Malaysian palm oil futures, which fell 2% on Wednesday on concerns about rising stockpiles.
The US Department of Agriculture (USDA) confirmed fresh soyabean sales to China for a fourth straight business day, announcing sales of 238,000 tonnes of the oilseed to China and another 132,000 tonnes to unknown destinations.
Cash values for soyabeans shipped by barge to the US Gulf export terminal firmed on Wednesday, reflecting increased demand from exporters. Freezing temperatures in North Dakota and northern Minnesota may have damaged crops in a few areas, agricultural meteorologists said.
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