CHICAGO: Chicago Board of Trade soyabean futures closed higher on Friday on a round of bargain buying after the benchmark November contract fell to its lowest price in six months.
CBOT August soyabeans settled up 16 cents at $14.34-1/2 per bushel and November ended up 14-1/4 cents at $13.15-3/4, rallying after a dip to $12.88-1/2, the contract’s lowest price since Jan. 19. For the week, the benchmark November contract fell 26-1/2 cents, or 2%, its fifth decline in the last six weeks.
CBOT August soyaoil ended Friday up 1.72 cents at 60.32 cents per lb, halting a three-session skid.
CBOT August soyameal fell $2.90 to end at $431.50 per short ton. Improving weather in the Midwest crop belt hung over the soya complex, limiting rallies. Forecasts called for beneficial rains in the coming days for much of the Midwest and slightly cooler temperatures that should boost crop production prospects.
Traders also noted weakening domestic cash markets for soyabeans as US crushers wound down purchases of pricey old-crop soyabeans ahead of the autumn harvest of the new crop.
Crush margins have improved, a factor that may encourage processors to ramp up their crush in the coming weeks, traders said.
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