CHICAGO: Chicago Board of Trade soyabean futures closed modestly higher on Monday, paring gains after surging to a 6-1/2 year high on speculative buying and worries about South American soya supplies, traders said.

CBOT March soyabeans settled up 2 cents at $13.13 per bushel after reaching $13.49-1/2, the highest price in a continuous chart of the most-active soyabean contract since June 2014.

Rally capped by farmer selling of old- and new-crop soyabeans, traders said.

CBOT soyameal and soyaoil futures closed lower, retreating on profit-taking.

CBOT March soyameal settled down $5.70 at $423.70 per short ton and March soyaoil ended down 0.27 cent at 42.13 cents per pound.

Life-of-contract highs were set in nearly all contract months for soyabean, soyameal and soyaoil futures.

The US Department of Agriculture reported export inspections of US soyabeans in the latest week at 1,305,786 tonnes, in line with trade expectations for 1 million to 2 million tonnes.