CHICAGO: Chicago Board of Trade soyabean futures rose on Wednesday, setting a three-week high on improving export prospects for US supplies of the oilseed, traders said.

CBOT July soyabeans settled up 7 cents at $8.57-1/2 per bushel after reaching $8.58, the contract's highest level since May 12.

Bullish technical signals lend support with the July contract pushing above resistance at its 50-day moving average near $8.52.

CBOT July soyameal settled up $2.60 at $286.30 per short ton while July soyaoil fell 0.08 cent to settle at 27.86 cents per pound.

The US Department of Agriculture (USDA) confirmed sales of 186,000 tonnes of US soyabeans to unknown destinations, which analysts said likely meant China. The sale's destination was initially listed by USDA as China before the agency issued a correction.

Recent currency moves have favored US soya, with Brazil's real currency recovering from a prolonged slide while the dollar has softened, making US products more competitive.

Ahead of Thursday's weekly USDA export sales report, analysts expect the government to report export sales of US soyabeans in the week ended May 28 at 600,000 to 1.550 million tonnes (old and new crop years combined).

Rallies capped by generally favorable weather in the US Midwest, which should bolster expectations for a large crop.

Copyright Reuters, 2020