Chicago Board of Trade soyabean futures closed higher on Wednesday on technical buying, along with spillover strength from crude oil and a setback in the US dollar, which tends to make US products more competitive globally. CBOT November soyabeans settled up 7 cents at $8.75-1/2 per bushel. CBOT December soyameal ended up $4.40 at $298.50 per short ton while December soyaoil fell 0.10 cent at 28.99 cents per pound.

Fresh export demand lent support. The US Department of Agriculture said private exporters sold 451,766 tonnes of US soyabeans to Mexico for delivery in the 2019/20 marketing year that began Sept. 1. A farmer survey conducted by commodity research and brokerage company Allendale Inc put the US 2019 soyabean yield at 46.1 bushels per acre and production at 3.499 billion bushels.

Copyright Reuters, 2019