Chicago Board of Trade soyabean futures edged higher on Friday, supported by technical buying and worries that measure to curb the coronavirus pandemic could curb South American soya shipments, traders said.
The supply of soyabeans to Argentine crushing plants is down by half and falling, the Rosario grains exchange said, as municipalities citing health concerns defied a government order that they allow cargo trucks to reach the plants.
CBOT May soyabeans settled up 1-1/4 cents at $8.81-1/2 per bushel. For the week, the contract rose 19 cents or 2.2%, its second straight weekly advance. CBOT May soyameal ended Friday up 20 cents at $323.10 per short ton while May soyaoil rose 0.35 cent at 26.85 cents per pound.
Brazilian firm Safras & Mercado lowered its forecast of the country’s 2019/20 soyabean crop to 124.2 million tonnes, from 124.5 million in February.
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