CHICAGO: Chicago Board of Trade soyabean futures rose on Thursday, supported by demand from end users who viewed a decline in prices to their lowest in nearly two weeks overnight as a buying opportunity, traders said.
The benchmark CBOT March soyabean futures contract found technical support at its 40-day moving average.
soyameal futures also were strong but soyaoil eased on pressure from weakness in the crude oil market.
soyabean export sales for the week ended Feb. 4 totaled 983,200 tonnes, the US Agriculture Department said on Thursday morning. That was near the high end of trade forecasts for 350,000 tonnes to 1.05 million tonnes.
soyameal export sales totaled 264,700 tonnes also were in line with expectations.
soyaoil export sales were negative 500 tonnes due to cancellations from Guatemala. That was below forecasts that ranged from 5,000 tonnes to 30,000 tonnes.
soyabean production in Brazil will reach a record 133.817 million tonnes, agricultural statistics agency Conab said.
Abundant rains in recent weeks in Argentina have lifted forecasts for soyabean and corn harvests, according to a revised outlook by the Rosario grains exchange.