Markets

CBOT soybeans end higher on bargain buying, export demand

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CHICAGO: Chicago Board of Trade soybean futures rose on Thursday on fresh export demand and bargain-buying after a three-day slide in the benchmark November contract, traders said.

Rally capped by the approaching harvest of a record-large US soybean crop.

CBOT November soybeans settled up 7-3/4 cents at $9.50-1/2 per bushel.

The US Department of Agriculture reported export sales of US soybeans in the week to Sept. 8 at 1,018,600 tonnes for 2016-17, in line with trade expectations for 900,000 to 1,200,000 tonnes.

The USDA through its daily reporting system said private exporters sold 110,000 tonnes of US soybeans to unknown destinations for 2016-17 delivery. It was the first daily soybean sales announcement in a week.

CBOT soyoil futures drew support from news that a European Union court ruled to annul anti-dumping duties imposed on exporters of biodiesel from Indonesia and Argentina.

CBOT soymeal futures followed the firm trend in soybeans and soyoil.

Market shrugged off a disappointing National Oilseed Processors Association August soy crush figure of 131.8 million bushels, which was down from 135.3 million a year ago and below the average analyst estimate of 136.2 million.

The CBOT reported no soybean deliveries against the expired September futures contract, 48 soymeal deliveries and 21 soyoil deliveries.

Copyright Reuters, 2016