CBOT Soybeans Closed Higher for the Week; China Buying

Mumbai (Commoditiescontrol):


November Soybeans finished up 13 1/2 at 984 1/4, 2 3/4 off the high and 15 1/4 up from the low. January Soybeans closed up 13 1/2 at 994 1/2. This was 15 up from the low and 2 1/2 off the high. December Soymeal closed up 6.1 at 319. This was 6.6 up from the low and 1.9 off the high.

December Soybean Oil finished down 0.12 at 34.22, 0.39 off the high and 0.07 up from the low.

November soybeans closed up 13 1/2 cents on the session Friday and this left the market up 15 1/2 cents on the week. Exporters reported a sale of 190,000 tonnes of US soybeans sold to Mexico.

Bean prices have been climbing on news of better demand for U.S. soybeans, especially from China, the world’s largest buyer.

Additionally, there have been weather concerns in Brazil and Argentina, our biggest competitors for soybean sales. Both South American nations are preparing to plant the spring crop (seasons are inverted in the Southern Hemisphere), and weather setbacks could ultimately reduce their crop size and boost demand for U.S. exports.

Despite the recent rally, prices are still down sharply from their midsummer highs over $10.40 per bushel, a price reached when drought fears were sending the market skyward. Recent assessments by the USDA continue to show a record-breaking soybean crop this year, which has helped contain prices.