CHICAGO: Chicago Board of Trade soybean futures rebounded on Friday from sharp declines in the prior session on technical buying and bull spreading that swelled the premium of old-crop prices over new-crop prices.
CBOT May soybeans rose 24 cents to $14.16-1/4 a bushel. For the week, May soybeans gained 0.2%, the fifth weekly rise in six weeks. New-crop November futures were 13-3/4 cents higher at $12.20 a bushel.
May soymeal jumped $9.70 to $407.90 per short ton and May soyoil climbed 0.35 cent to 53.87 cents a pound.
Improved crop weather in South America following recent dryness in Argentina and excessive rains in key parts of Brazil weighed on soy earlier in the week.
Traders are monitoring high-level talks between the United States and China in Alaska this week. US officials on Friday said they had “serious discussions” with their counterparts, though talks were tense at times.
An expected increase in US plantings this spring has limited gains in new-crop contracts. The US Department of Agriculture is due to report 2021 planting intentions on March 31.
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