CHICAGO: Chicago Board of Trade soyabean futures closed higher on Monday on bargain buying after the spot March contract dipped below $13 a bushel in early moves, traders said.
CBOT March soyabeans settled up 31-3/4 cents at $13.43-1/2 per bushel, after dipping to a session low of $12.98, the contract’s lowest since December 31.
CBOT March soyameal ended up $8 at $429.60 per short ton and March soyaoil rose 0.67 cent to settle at 42.94 cents per pound.
The US Department of Agriculture reported export inspections of US soyabeans in the latest week at 1.979 million tonnes, toward the high end of trade expectations for 1 million to 2.1 million tonnes. Delivery of grains and oilseeds to Argentina’s export hub of Rosario was slowly returning to normal after a week of protests by truckers who blocked roads leading from the farm belt to port, industry sources said. Traders continued to monitor weather in South America, where corn and soya crops are still developing. Weekend rains aided crops in parts of Brazil and beneficial showers were forecast this week in Argentina, factors that had weighed on grain futures last week.