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CBOT soyabeans end at 3-month high on weather, meal

CHICAGO: Soyabean futures at the Chicago Board of Trade hit three-month peaks Thursday, ending higher for the sixth time in eight sessions on continued nervousness over South American weather and on strength in soyameal prices, traders said.

Soyabeans settled 4 to 6 cents per bushel higher, with March up 4-1/2 cents at $5.05-1/2, the contract's highest close since $5.07-1/4 on Oct. 20.

Market focus remained fixed on South America, specifically Argentina and southern Brazil, which have suffered from below-normal rainfall since the start of soyabean planting in October.

Little relief was expected in those regions for the rest of this week, while temperatures could climb near 100 degrees Fahrenheit in southern Brazil. Some forecasters projected cooler temperatures and improved rainfall chances for dry areas next week.

"Dry weather is once again becoming the trend after many of the driest areas of Argentina and a good portion of the dry areas of southern Brazil saw decent rains occur last weekend," said John Dee, agricultural meteorologist for Global Weather Monitoring, in a report Thursday.

"The next 4-5 days look to provide dry weather across most-Reuters