CHICAGO: Chicago Board of Trade soybean futures rose on Friday, their third straight day of gains, supported by expectations that crop shortfalls in Brazil and Argentina will spark increased overseas demand for US supplies. Soyoil futures also were stronger on hopes of increased export demand, with the most-active contract hitting its highest level since June 11.
Private exporters reported the sale of 198,000 tonnes of soybeans to unknown destinations, the US Agriculture Department said. Indian traders have contracted to import a record 100,000 tonnes of US soyoil because of limited supplies from drought-hit South America, dealers told Reuters.
CBOT March soybeans rose 9-1/2 cents to settle at $16.01-1/2 a bushel. The most-active soybean futures contract closed above $16 a bushel for the first time since May 12, 2021. CBOT March soyoil ended up 0.76 cent at 67.57 cents per lb and CBOT March soymeal ended $1.30 lower at $447.90 a ton.