US soyabean futures rose to a 10-week high on Tuesday, lifted by a surging soyameal market as dry weather in Argentina threatened to reduce crop yields from that key South American supplier, traders said. Wheat futures were close to unchanged as a rally fizzled after prices hit six-month highs while corn futures firmed, hitting their highest since mid-August.
Soyameal futures jumped another 3.4 percent, their sixth straight day of gains, setting contract highs across the board. The most-active contract peaked at its highest since July 2016. "Argentina should have some more drought-like conditions this week," said Brian Hoops, president of Midwest Market Solutions. "That is going to cut into their export forecast."
Argentina is the largest exporter of soyameal and the third largest soyabean exporter. At 10:11 am CST (1611 GMT), Chicago Board of Trade March soyabean futures were up 7-3/4 cents at $10.09-1/2 a bushel.
CBOT March soyameal futures were $12.00 higher at $369.80 a ton. Soyameal futures have gained 13.2 percent during the six-session winning streak. Corn also received support from the Argentine weather view but the gains in the yellow grain were limited.
CBOT March corn was up 1/2 cent at $3.67-1/2 a bushel. Persistent dryness in the US Plains provided underlying support to wheat. CBOT March soft red winter wheat futures were flat at $4.64 a bushel.