CHICAGO: Chicago Board of Trade soyabean futures roared higher on Tuesday, touching a fresh 6-1/2-year peak on a mix of fund-driven technical buying and worries about South American supplies, analysts said.
CBOT March soyabeans settled up 34 cents at $13.47 per bushel, paring gains after reaching $13.73-1/4, the highest price on a continuous chart of the most-active soyabean contract since June 2014. Chart-based buying accelerated Tuesday after the March contract pushed above Monday’s high of $13.49-1/2. CBOT March soyameal ended up $8.10 at $431.80 per short ton and March soyaoil rose 1.47 cents to settle at 43.60 cents per pound.
Positioning noted ahead of the US Department of Agriculture’s Jan. 12 supply/demand reports, which will offer updated estimates of US and South American crop production and export forecasts.
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