CHICAGO: Chicago Board of Trade soybean futures rose 1.5 percent on Wednesday due to rising demand on the export market and firming cash markets amid slow country movement of supplies, traders said.
* The benchmark CBOT March soybean contract closed above its 100-day moving average, a key technical resistance level.
* Soymeal and soyoil futures also posted sharp gains.
* Spot basis bids were steady to higher at US Midwest elevators, processors and river terminals on Wednesday morning. Bids also firmed in the export market as exporters tried to fill vessels with supplies.
* The US Agriculture Department said on Wednesday that exporters sold 120,000 tonnes of US soybeans to China, the world's top importer, for delivery in the 2011/12 marketing year.
* Analysts were expecting the USDA's weekly report on Thursday morning to show export sales of soybeans in a range from 350,000 to 550,000 tonnes. Soymeal export sales were expected to come in between 75,000 and 150,000 tonnes while soyoil export sales were forecast in a range from zero to 10,000 tonnes.
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