Chicago Board of Trade soyabean futures rose Thursday on larger-than-expected weekly US export sales and declining estimates of Argentina's crop, traders said. CBOT May soyabeans settled up 13 cents at $10.60-3/4 per bushel. CBOT May soyameal ended up $3.20 at $383.40 per short ton and May soyaoil rose 0.10 cent at 31.63 cents per pound. The USDA reported export sales of US soyabeans in the week to April 5 at 2,464,500 tonnes (old and new crop years combined), topping a range of trade expectations.
The USDA reported weekly US soyameal export sales at 317,400 tonnes, in line with expectations, and soyaoil sales at 22,000 tonnes, at the low end of expectations. The Rosario grains exchange on Wednesday cut its estimate of Argentina's soyabean crop to 37 million tonnes, from 40 million previously. Argentina bought 120,000 tonnes of soyabeans from Brazil last week, an analyst at trading and consultancy firm Labhoro said, as the world's third-largest producer scrambles for soyabean supplies after a drought this year.
Traders were monitoring a blizzard expected in South Dakota and Nebraska on Friday that could delay plantings of corn and spring wheat, prompting farmers to switch more acres to soyabeans.
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