CHICAGO: Chicago Board of Trade soyabean futures rose on Thursday for a third straight session on fresh export demand for US supplies and prospects for more sales in the coming weeks as the dollar weakens against Brazil's real currency, making US soya more attractive to global buyers.
The dollar index has declined for the past two weeks as risk sentiment improves and equities surge on optimism that the worst of the economic downturn from the coronavirus has passed. CBOT July soyabeans settled up 10-1/4 cents at $8.67-3/4 per bushel after reaching $8.73-1/4, the contract's highest since April 13.
CBOT July soyameal ended up $3.50 at $289.80 per short ton while CBOT July soyaoil fell 0.04 cent to end at 27.82 cents per pound. Through its daily reporting system, the US Department of Agriculture (USDA) for the second day in a row confirmed sales of US soyabeans to unknown destinations.
Traders have said that China was the likely buyer both times, despite rising political tensions between Beijing and Washington.