CHICAGO: Chicago Board of Trade soyabean futures firmed on Wednesday in a short-covering bounce and as investors squared positions ahead of a US government supply-and-demand report scheduled for release on Thursday, traders said. Gains were limited by improving crop weather in South America, with rains expected in parts of Brazil and northern Argentina.
CBOT January soyabeans rose 12-3/4 cents to settle at $11.58-1/2 per bushel. CBOT January soyameal ended up $2.20 at $379.10 per short ton. January soyaoil was up 0.42 cent at 37.86 cents per lb. Traders are looking ahead to Thursday's US Department of Agriculture (USDA) monthly supply-and-demand report, which is expected to show tightening US and global supplies and smaller crops in Argentina and Brazil.
The USDA is due to issue weekly export sales data early on Thursday. Analysts expect net US old-crop soyabean sales between 400,000 and 800,000 tonnes and new-crop sales up to 250,000 tonnes.