CBOT soyabean futures rebound on tight supplies

CHICAGO: Chicago Board of Trade soyabean futures reversed prior session losses on Friday and closed higher on concerns about tightening supplies of the oilseed and spillover support from rallying wheat futures, traders said. Improving crop weather in South America capped gains. Rains are expected in central and southern Brazil and northern Argentina next week, while a drier pattern envelops northern Brazil, according to meteorologists.

CBOT January soyabeans ended 7-3/4 cents higher at $11.60-1/2 per bushel. January soyabeans were down 0.2% in the week, the contract's second straight weekly decline. CBOT January soyameal ended up $3.10 at $380.30 per short ton.