CBOT soybeans approach one-month high as vegoils rally
CHICAGO, Nov 7 (Reuters) -Chicago Board of Trade soybean futures climbed on Thursday on spillover support from rallying vegetable oil markets, brokers said.
Technical buying kicked in, accelerating gains in soybeans, as the market advanced, brokers said.
CBOT soyoil soared to a four-month high on solid demand, while Malaysian palm oil FCPOc3 rose after climbing on Wednesday to the highest level in more than two years.
U.S. soyoil export sales for 2024-25 were 114,300 metric tons in the week ended on Oct. 31, the U.S. Department of Agriculture said. That crushed analysts' expectations for zero to 50,000 tons.
Expectations that Donald Trump may impose tariffs on U.S. imports of used cooking oil also supported CBOT soyoil futures, after he won Tuesday's U.S. presidential election. Such tariffs could increase demand for domestic soyoil, traders said.
The USDA, in a monthly report on Friday, is expected to lower its domestic ending stocks forecast for soybeans to 532 million bushels from 550 million, analysts said in a Reuters poll.
USDA is also expected to trim its U.S. soybean yield estimate from October, according to analysts.
CBOT January soybeans SF25 advanced 22-1/2 cents to finish at $10.26-1/4 per bushel and set its highest price since Oct. 11.
CBOT December soyoil BOZ24 soared 1.98 cents to 48.32 cents per pound and touched its highest level since July 8.
CBOT December soymeal SMZ24 rose $0.10 to end at $298.50 per short ton.
Reporting by Tom Polansek; Editing by Richard Chang
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