Chicago Board of Trade soyabean futures rallied on Friday, with the July contract breaking through three different moving averages on spillover strength from soyameal, traders said. CBOT most-active July soyabeans settled up 16-3/4 cents, at $10.56-1/4 per bushel, on expectations that the United States will increase its share of the soyameal export market as a result of harvest shortfalls in Argentina, traders said.
Soyabeans gained some strength after Statistics Canada reported that farmers there had planted fewer soyabean and canola acres than expected, traders said. Some fund buyers added to their positions after Chinese Premier Li Keqiang said late Thursday that China is open to negotiating with the United States to resolve trade tensions, traders said.