CHICAGO: Chicago Board of Trade soybean futures rose on Wednesday on technical buying ahead of the US Thanksgiving holiday and worries that the La Nina weather phenomenon could cause dry conditions in South America’s crop belt, traders said.
CBOT January soybeans settled up 8-1/4 cents at $9.97-1/4 a bushel after reaching $9.99-1/2, the contract’s highest since Nov. 9.
CBOT December soymeal ended up $6.10 at $324.40 per short ton, after hitting a one-month high at $325.30.
CBOT December soyoil fell 0.12 cent to 34.05 cents per pound as traders exited long soyoil/short meal spreads.
US markets will be closed on Thursday for Thanksgiving, with CBOT trade resuming Friday at 8:30 a.m. CST (1430 GMT).
Australia’s Bureau of Meteorology issued an alert for a La Nina weather event starting next month, saying the chance it would take place was triple the normal likelihood.
Ahead of the US Department of Agriculture’s weekly export sales report, which is delayed until Friday, analysts expected the government to report soybean export sales at 1.0 million to 1.5 million tonnes (old and new crop years combined).
Source: Brecorder.com
