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Soyabean

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CHICAGO: CBOT soyabean futures closed higher on concerns about potential harm to the U.S. soyabean crop from hot weather next week followed by a potential turn to cooler-than-normal conditions, traders said on Friday.

"With the 30- and 90-day weather forecasts for cool weather people are thinking ahead about an early frost," said Ron Kucha of O'Connor and Co.

Midwest soya states next week are expected to feel a heat wave which could trim production prospects because the U.S. soya crop is into its key pod filling stage of development.

Also the National Weather Service late Thursday called for cooler-than-normal temperatures in its 30- and 90-day outlooks. That picture triggered a rash of frost talk.

An early frost could hurt the soyabean crop because it was planted later than normal and is lagging in maturity.

Support also came from active exports and on inflationary aspects from a surge in silver markets, the traders said. "We're hearing that chatter, the inflationary aspects are in here," a trader said.

Soyabeans closed unchanged to three cents per bushel higher, with August up three at $5.94. CBOT soya product futures closed mixed after trading higher most of the session with nearby soyaoil months boosted by Indian demand for vegetable oils, traders said.

"India bought palm and we're hearing they're looking for soya and rape," a trader said.

European traders Friday said India purchased 16,000 tonnes of palm olein. Palm oil markets were strong overnight on the Indian demand.

Nearby soyameal contracts ended up in step with gains in the soyabean pit.

The soya complex found support on forecasts for hot weather next week in the Midwest followed by a potential turn to cooler-than-normal weather, the traders said.

Soyaoil closed 0.10 cent per lb higher to 0.05 lower, with August unchanged at 26.50. Soyameal was $0.90 per ton higher to $0.20 lower, with August up $0.90 at $175.40. CBOT wheat futures closed higher on late fund buying and technical buy-stops boosted prices to the day's highs in late dealings, traders said.

"It was fund buying in wheat with Rosenthal buying it late which brought in a lot of short covering," a trader said.

The buy-stops were hit when December pushed into the $4.40 per bushel level a short-term cap on charts.

Wheat also found support from better-than-expected export numbers in Thursday's USDA weekly export sales report, they said.

"The export numbers were better than expected," a trader said.

USDA Thursday said U.S. wheat export sales during the week ended August 10 totaled 918,400 tonnes, down from 984,800 the previous week but still at a stronger pace than some traders were expecting.

There also is talk about upcoming export business with Peru and Tunisia mentioned as possible customers, the traders said.

Wheat closed 1/2 to six cents per bushel higher, with September up five at $4.28-1/2. -Reuter