Chicago Board of Trade (CBOT) soyabean futures jumped 1 percent on Thursday, rebounding from a one-week low notched the previous session, with a falling dollar and soaring US cash soya markets lending support. US grains often turn firm when the dollar eases since a weak dollar makes US commodities cheaper for buyers using currencies such as the yen and the euro.
US soyabean cash basis bids rose to new seasonal record highs at many processing plants in the Midwest, and offers for soyameal also gained as farmers held tight to the thin stockpile of supplies remaining from last year’s harvest, dealers said. Corn turned higher, aided by an upswing in US exports, including a sale to China, while wheat gained despite a lower-than-expected number for US wheat exports in a US government weekly export sales report. At 10:01 am CDT (1501 GMT), CBOT soyabeans for May delivery were up 15 cents at $14.19 per bushel, May delivery corn was up 3 cents at $6.42-1/2, and wheat for May delivery was up 6 cents at $6.97-3/4. KCBT May wheat was up 13-1/4 cents at $7.52-1/4 per bushel.
