Friday, 31 July 2015 00:10
CHICAGO: Chicago Board of Trade soybean futures rose for the third day in a row on Thursday, supported by signs of strengthening export demand, traders said.
Firm cash markets added support to the nearby contracts while some uncertainty about weather in the US Midwest during August boosted new-crop offerings.
Soymeal futures also rose, with gains outstripping strength in soybeans. Traders said soymeal supplies were tight as slow country movement of soybeans and seasonal maintenance shutdowns at processors have reduced crushing capacity.
Soyoil futures closed mostly higher, with support from better-than-expected exports.
The US Department of Agriculture on Thursday said old-crop sales of soybeans totaled 416,700 tonnes in the latest week, topping forecasts for 100,000 to 200,000 tonnes.
USDA also reported a spot sale of 140,000 tonnes of soybeans to unknown destinations for delivery in the 2015-16 crop year.
Weekly soyoil export sales for 2014-15 were 74,800 tonnes compared to trade forecasts ranging from 10,000 to 15,000.
