CHICAGO: Chicago Board of Trade (CBOT) soyabean futures rose to the highest point since June 2016 on Tuesday as strong demand from exporters and domestic processors fueled worries about tightening supplies of the oilseed.
CBOT benchmark January soyabeans ended 16-1/4 cents higher at $11.69-3/4 per bushel after peaking at $11.78-1/4, the highest for a most-active contract since June 13, 2016. All contracts hit life-of-contract highs on Tuesday.
CBOT soyaoil and soyameal futures also strengthened.
Strong exports and good domestic demand fueled the buying. The National Oilseed Processors Association said on Monday that the US crush in October was the highest on record for any month.
Concerns about dry weather in South America and a potentially late harvest in early 2021 were supportive as US export shipments would likely benefit.
The Commodity Futures Trading Commission’s weekly commitments of traders report showed that noncommercial traders raised their net long position in soyabeans by 13,704 contracts in the week ended Nov. 10, which was less than many traders had expected.—Reuters