CHICAGO: Chicago Board of Trade soyabean futures rose 1.7% on Thursday, supported by signs of strong demand from both the domestic processing sector as well as the export market.
Prices weakened early in the overnight trading session but found support near the most-active contract’s Wednesday low of $14.03-1/4 a bushel.
Soyameal and soyaoil futures also posted strong gains. Resistance for the CBOT March soyameal futures was noted at the high end of the contract’s 20-day Bollinger range.
CBOT March soyaoil finished trading above its 10-day moving average.
The US soyabean crush likely rose in December to 185.175 million bushels, the second-highest level on record for any month, according to analysts polled ahead of a National Oilseed Processors Association report due on Friday.
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