Mumbai, June 25 (Commoditiescontrol) CBOT soybean futures rebounded on Friday snapping a 4-session losing streak. Soybean surged in the last session of the week, supported by bargain buying after four straight declines, as per the trade analysts. Strength in the crude oil market added to the bullish tone in soybeans.
CBOT July soybean futures settled up 17-1/2 cents at $16.10-3/4 a bushel. The new-crop November contract was 8-3/4 cents higher at $14.24-1/4 a bushel. CBOT July soyoil gained 2.04 cents to 69.75 cents per pound. Soyoil futures touched their lowest since Feb. 9 before rebounding. CBOT July soymeal rose $5.90 to $432.60 per lb.
The U.S. Agriculture Department on Friday morning said that weekly soybean export sales fell to 294,400 tonnes from 724,734 tonnes the prior week. Analysts' forecasts for the latest weekly total had ranged from -50,000 to 800,000 tonnes.
Soymeal export sales of 34,000 were below market expectations soyoil export sales of 1,400 tonnes were near the low end of analysts' estimates that ranged from zero to 25,000 tonnes.
(By Commodities control Bureau; +91 9820130172)
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