US Soya Complex Gains On Strong Gains In Grains

US Soybean prices closed higher on Friday. March soybeans soared 47 1/4 cents at $13.65 1/2. May soybeans were up 45 3/4 cents at $13.75. July soybeans gained 45 cents at $13.82 3/4. March soybean meal was up $9.30 to close at $359.70. March soybean oil surged 234 points to close at 56.95 cents per pound. New-crop November soybeans closed higher by 43 1/4 cents at $13.29 1/2. For the week, March soybeans fell 2 1/2 cents, March meal was down $2.30, March soyoil gained 46 points, and November beans lost 12 1/2 cents.

USDA released the weekly export sales data on Friday evening. Sales expectations for beans were minimal, with total old and new-crop sales at 9.2 million bushels. For the year, sales remain ahead of normal at 90% of the forecast compared to the 82% average pace. China even had net additions to its purchases, a contradictory development to the two USDA announcements of some cancellations. China has committed to buying 24.3 mmt.

(Source: http://www.indiainfoline.com/Markets/News/US-Soya-Complex-Gains-On-Strong-Gains-In-Grains/3581308500)