Chicago Board of Trade soyabean futures rose on Tuesday, led higher by gains in soyaoil, traders said. Strength in soyaoil, which hit its highest since January 2018, stemmed from a US government spending bill that extended a tax credit for the biodiesel industry through 2022 and retroactively to when it expired beginning in 2018.
Soyameal also rose, but gains were kept in check as traders unwound long soyameal/short soyaoil spreads.
Optimism about increases in US soya exports continued to underpin the soyabean market, which has risen for four sessions in a row and 10 of the last 11.
CBOT January soyabean futures broke through the high end of its 20-day Bollinger range on Tuesday.
The most active soyabean contract hit its highest on a continuous basis since November 8.
US Trade Representative Robert Lighthizer on Tuesday said details of Chinese purchases across US agriculture, manufacturing, energy and service sectors in the Phase 1 China trade deal would be detailed in writing.