CHICAGO: Chicago Board of Trade soybean futures rose for the first time in seven sessions on Friday in a short-covering bounce from earlier three-month lows and ahead of the long Christmas holiday weekend.
Markets closed early on Friday and will remain closed on Monday for the holiday.
Benchmark January soybeans ended 3/4 cent higher at $9.49-1/2 a bushel after earlier hitting a low of $9.46-1/2, the lowest for a most-active contract since mid-September. January futures were down 2.1 percent for the week, its third straight weekly decline.
Soymeal futures eased on Friday, while soyoil edged higher.
A rebound in Malaysian palm oil futures following a 16-month low underpinned soybeans and soyoil.
Soybeans drew some support from solid export sales. The US Department of Agriculture confirmed private sales of 252,000 tonnes of US soybeans to China for 2017/18 marketing year shipment.
Beneficial rains in soy production areas of Brazil and Argentina keeping a lid on gains.
Also, soybeans remained anchored by a USDA announcement earlier this week that China was seeking more stringent requirements for foreign materials in US soy cargoes, a move that could curb exports to the top world market.
Source: Brecorder.com
