CHICAGO: US soybean futures rose to a one-week high on Wednesday, with the market underpinned by hopes for rising export demand, traders said.
A weakening US dollar and strengthening Brazilian real made US soybeans more attractive to overseas buyers.
The benchmark Chicago Board of Trade July soybean futures contract rose above its 10-day, 20-day and 30-day moving averages during the session.
Cash market strength also supported soybean futures
Analysts were expecting a US Agriculture Department report on Thursday morning to show that export sales were in a range from 800,000 tonnes to 1.6 million tonne (old-crop and new-crop combined) in the week ended May 14. In the prior week, soybean export sales totaled 1.095 million tonnes.
Soymeal and soyoil futures also were firm, with soymeal snapping a string of five straight losing sessions.