CHICAGO: Chicago Board of Trade soyabean futures soared to their highest since mid-2014 on Tuesday after the US Department of Agriculture (USDA) cut its US harvest estimate and slashed its US end-of-season supplies to a seven-year low.
CBOT March soyabeans ended up 45-3/4 cents at $14.18-1/4 per bushel after peaking at $14.28-1/4, the highest price on a continuous chart of the most-active contract since June 23, 2014.
CBOT March soyameal settled up $18.60 at $465.40 per short ton while March soyaoil was unchanged at 42.63 cents per pound.
In its January crop supply-and-demand report, the USDA estimated the 2020 US soyabean harvest at 4.135 billion bushels based on an average yield of 50.2 bushels per acre (bpa). On average, analysts had expected a 4.158-billion-bushel crop with an average yield of 50.5 bpa. The USDA also forecast US end-of-season soyabean stocks at just 140 million bushels, the tightest in seven years.