CHICAGO: US soyabean futures rose on Friday, with the market underpinned by soyameal’s firming to its highest level in nearly nine years and concerns about the forecast for Argentina turning drier, traders said.
The most-active soyameal futures contract peaked at $501.00, its highest since June 4, 2014, with tight supplies stemming from a slow processing pace throughout the winter keying the move higher.
The benchmark Chicago Board of Trade March soyabean futures contract
settled up 23-1/4 cents at $15.42-1/2 a bushel, capping a week that saw the most-active contract rise 0.7%.
CBOT March soyameal gained $3.90 on Friday to settle at $499.40 a ton and CBOT March soyaoil was up 1.50 cents at 60.54 cents per lb.
For the week, soyameal futures were up 0.6% and soyaoil futures were up 2.5%. Soyaoil futures fell in the previous six weeks.
Meanwhile, the US wheat futures rallied on Friday, with the most-active Chicago Board of Trade soft red winter wheat contract notching its biggest daily gain since Oct. 31, on concerns that escalations in the Russia-Ukraine conflict will disrupt Black Sea shipments, traders said.
The benchmark Chicago Board of Trade March soft red winter wheat contract settled up 28-3/4 cents at $7.86 a bushel.
KC March hard red winter wheat futures ended 30-3/4 cents higher at $9.09-3/4 a bushel and MGEX spring wheat for March delivery rose 13-1/2 cents to $9.30-3/4 a bushel.
For the week, CBOT wheat was up 4.2%, KC wheat was up 4.2% and MGEX wheat gained 1.0%. KC wheat futures have risen for five weeks in a row, their longest positive streak in nine months.
Ukraine’s agriculture ministry has proposed increasing the minimal tonnage of ships which carry grain and vegetable oil from the country via a grain corridor, aiming to boost exports despite opposition from Russia.
Russia’s ambassador to the United Nations said on Friday that Moscow has not been able to export any grain as part of the Black Sea grain deal struck between Russia and Ukraine last year due to Western obstacles.
Algeria’s state grains agency OAIC is believed to have bought milling wheat in an international tender, with prices reported around $338 a tonne cost and freight.