CHICAGO: Chicago Board of Trade soyabean futures soared to contract highs on Thursday as top global importer China extended its buying spree of US soyabeans, traders said. CBOT November soyabeans settled up 17-1/4 cents at $10.28-1/2 per bushel after reaching $10.32-1/4, a contract top and the highest spot price on a continuous chart of the most-active contract since May 2018.
Contract highs were set in nearly all soyabean futures contracts and most deferred soyameal contracts. CBOT December soyameal ended up $9.60 at $335.30 per short ton while December soyaoil finished down 0.05 cent at 34.86 cents per pound, losing to soyameal on meal/oil spreading.
The US Department of Agriculture has announced daily US soya sales to China in each of the last 10 business days, including Thursday's confirmation of 264,000 tonnes, along with another 360,500 tonnes sold to unknown destinations. The USDA also reported export sales of US soyabeans in the week ended Sept. 10 at 2.457 million tonnes, toward the high end of a range of trade expectations for 1.5 million to 2.8 million tonnes.
Traders shrugged off seasonal pressure from the imminent start of the US soyabean harvest, although forecasts call for mostly dry Midwest weather over the next 10 days that should help speed early progress.
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