October 30, 2014
Soymeal rallies in October to pare losses
Soymeal futures for December delivery jumped by 7.6% early this week to close at US$376.80 for 2,000 pounds on the Chicago Board of Trade, the biggest gain for a most-active contract since 2007.
Soy futures for January delivery also jumped by 3% to $10.1275 a bushel, a report by Bloomberg said.
Soy also inched up by 3.3% last week, the most since late May.
In the week ended Oct. 23, soy inspected for export likewise climbed by 8.5% to 2.2 million tonnes from a week earlier, the highest in 11 months, according to the US Department of Agriculture.
The soy's price rally in October pared losses this year spurred by the outlook for record-high oilseed output in the US this year. The government had said the crop would increase by 17% to 3.927 billion bushels from last season.
So far this year the price has dropped 22%.