CBOT soybeans gain on South American weather
- CBOT January soybeans settled up 7-3/4 cents at $11.91-3/4 per bushel.
- CBOT January soymeal ended 40 cents higher $396.30 per short ton.
CHICAGO: Chicago Board of Trade soybean futures gained on Friday as concerns over crop stress in South America countered profit taking earlier in the week, traders said.
CBOT January soybeans settled up 7-3/4 cents at $11.91-3/4 per bushel.
CBOT January soymeal ended 40 cents higher $396.30 per short ton, while January soyoil rose 0.57 cent to 38.43 cents per pound.
For the week, soybean futures gained 10-3/4 cents, the fourth consecutive week of gains for the oilseed.
Recent rains have brought relief to Argentina's central farm belt, but the crop remains vulnerable to stress as dryness persists in parts of the country.
Traders have been liquidating positions ahead of first notice day for deliveries against December soymeal and soyoil futures contracts on Monday, Nov. 30.
US soybean export sales last week fell to a marketing year low 768,100 tonnes, according to the USDA. Analysts had been expecting sales of 700,000 to 1.4 million tonnes.
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