Us soyabeans end firm

Chicago  (january 16, 2011) : chicago board of trade soyabean futures closed higher on friday, pulled up late by short-covering and fund buying ahead of the three-day us holiday weekend, traders said. cbot futures markets will be closed monday, the holiday honouring martin luther king jr. afternoon gains were led by corn, which set a new march contract high at $6.52, and underpinned by a lower us dollar and rebounding crude oil futures.
forecasts for possible rain in prime soybean-growing regions of argentina remain a concern, traders said soyabean prices were lower earlier, pressured by profit-taking, a bearish report from the national oilseed processors association, and by what one trader characterised as a "knee-jerk" response to news that china raised its lender reserve rate requirement.
front-month march soyabeans ended the week just a dime below their 2-1/2 year high. march closed up 6-1/2 cents per bushel at $14.22-1/2. january soybeans, which went off the board on friday, ended down 3-1/2 cent at $14.06-1/2 per bushel. new-crop november was up 10-3/4 cents at $13.23-1/4. funds were net buyers of an estimated 4,000 soybeanfutures contracts.
volume was estimated at about 138,226 contracts, below average, according to data provided by the cme group. china increased its lender reserve rate requirements by 50 basis points in a bid to tame inflation. the news triggered concerns that chinese demand for commodities might decline. nopa reported the december soy crush at 145.537 million bushels, less than an average estimate of 149.4 million.
light rains are forecast for early next week in argentina but more rain will be needed and dryness is expected to continue stressing crops. overall satisfactory crop weather continues in brazil. soymeal spot basis offers were steady to weak around the united states as a spike in farmer sales of soybeans earlier this week left plenty of crushing supplies at processors, dealers said.

(Source: http://www.brecorder.com/news/agriculture-and-allied/world/1144196:us-soyabeans-end-firm.html?hl=soybean)