October 13, 2010

CBOT soy and soymeal rally to 14-month highs

CBOT soy futures rose on Monday (Oct 11), with prices hitting 14-month highs during the session, as investors kept buying after Friday's US government report cut its estimate for this year's harvest.

A rally in corn futures also lent strength to soy and soymeal, which was following soy throughout the trading day.

CBOT soy for November delivery settled up US$0.17 one-half at US$11.52 one-half a bushel. The January soy contract increased by US$0.18 to US$11.63.

Soy volume was estimated at a record 316,996 contracts, topping previous records of 294,100. The October soymeal contract, which is in the delivery stage, increased by US$6.10 to US$323.10 per tonne.

December soymeal rose US$10.90 to US$327.10. Good harvest weather is predicted for the US Midwest this weekend. Heavy rain that would push farmers away from the fields are not expected until next week.