Chicago Board of Trade (CBOT) soyabeans futures rallied on Friday on concerns about harvest delays in parts of the Midwest and on strong demand for soyabean meal. Widespread rains are expected in key production areas of the western Midwest over the next 10 days.
CBOT November soyabeans closed up 9-3/4 cents at $8.69 per bushel, ending the week up 2.8 percent. Technical buying as the contract climbed above its 50-day moving average fueled gains. The contract also matched a six-week high. Sharply higher soyameal futures supported soyabeans. August government export data, released by the US Department of Agriculture on Friday, indicated the government's current meal export forecast is too low, analysts said. CBOT December soyameal rose $7.40 to $319.60 per short ton. December soyaoil fell 0.20 cent to 29.41 cents per pound. The USDA on Friday reported private sales of 134,000 metric tons of soyameal to the Philippines.
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