|
CHICAGO: US soybean futures rose for the fifth straight day on Friday, hitting their highest in 5-1/2 weeks as concerns about crop development in South America fuelled buying, traders said. Parched soils in Argentina have underpinned prices throughout the week. “Dryness in Argentina has provided enough fuel for soyabean prices to find footing with multi-day gains this week,” Ben Potter of Farm Futures said in a note to clients. Signs of strong export demand also lent support to soyabeans which notched their biggest weekly gain in three months. Corn futures also rose on the back of better-than-expected data from the US government. Wheat was trading in negative territory, weighed down by profit taking and technical sales following two straight days of gains. Chicago Board of Trade March soyabean futures settled up 4-1/4 cents at $9.77-1/4 a bushel. Soyabean futures rose 1.5 per cent this week. The US Agriculture Department on Friday said weekly export sales of soyabeans totalled 1.528 million tonnes, topping market forecasts that ranged from 800,000 to 1.4 million tonnes. A slow start to harvest in Brazil could keep export interest focused on the United States for longer than usual. Brazil’s 2017/18 soyabean crop harvest is lagging last year’s pace and the long-term average for this time of the year, which will result in a sharp reduction in the amount of soya available in the market by the end of January.
Reuters
|
Print
Send to Friend