Soyabeans rallied more than 3 per cent, supported by China’s return to the market and worries about the weather in Argentina which is a key exporter of the commodity.
CBOT March soyabeans gained 3.1 per cent to $14.69 a bushel, while soyameal for March delivery jumped 4.4 per cent. On the other hand, expectations of plentiful supplies weighed on grain prices. CBOT March corn fell 0.5 per cent to $6.95 a bushel while wheat declined 1.5 per cent to $7.31? a bushel.
Soyabeans were boosted by reports that China had bought several cargoes of the commodity from the US as well as expectations that port strikes in Brazil and long waiting times for loading may shift purchasers to the US market.
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