Chicago Board of Trade soyabean futures ended modestly higher on Wednesday as spillover strength from global equity markets and soyaoil futures offset worries about export demand for US supplies, traders said.
CBOT March soyabeans settled up 1/2 cent at $8.80 per bushel.
CBOT March soyaoil ended up 0.59 cent at 31.32 cents per pound, taking cues from a surge in Malaysian palm oil futures.
But CBOT March soyameal fell $1.10 to settle at $287.40 per short ton.
Wall Street markets soared on expectations for more central bank stimulus and reports that scientists have developed an effective drug against the fast-spreading coronavirus.
Additional support noted from heavy rains expected in Brazil that could slow the soyabean harvest.
Rallies limited by a lack of US export sales to top global importer China, which traders say has been booking soya cargoes from South America.
Ahead of the US Department of Agriculture's weekly export sales report on Thursday, analysts expected the government to show soyabean sales in the week ended Jan. 30 at 400,000 to 800,000 tonnes.
Comments
Comments are closed for this article.