CHICAGO: Chicago Board of Trade soybean futures climbed to new six-and-a-half-year highs on Tuesday, as traders weigh backed-up Argentine ports against new precipitation across South America, traders said.

The benchmark CBOT March soybean futures contract gained 2-1/2 cents to $12.50 per bushel, after peaking at $12.56-1/4 per bushel, the highest on a continuous basis for the most-active contract since June 27, 2014.

New life-of-contract highs were met in all contract months.

CBOT March soymeal ended $2.20 higher at $414.30 per short ton, while March soyoil added 0.41 cent to 39.96 cents per lb.

New life-of-contract highs were reached in all months for both soymeal and soybean oil.

Wage talks between Argentine port workers and soymeal manufacturers were stalled on Tuesday, with a labor strike going into its 13th day, bogging down agricultural exports to Europe and Asia.

Brazil's 2020/2021 soybean forecast has been cut to 127 million tonnes, down from 129 million tonnes in a previous forecast by Brazilian grain growers association Aprosoja, citing an expectation of falling yields due to dryness in key producing states.

China is expected to import more than 100 million tonnes of soybeans in 2020, a record high, as the country rebuilds its hog herd, according to state-owned grains trader COFCO.

Global palm oil output is expected to rise nearly 6pc next year from the estimated output in 2020 as yields are increasing, an official with the Malaysian Palm Oil Council said.