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GRAINS-Soybeans climb near one-month high as vegoils shoot greater

Chicago Board of Trade soybean futures leapt to their greatest level in about a month on Thursday on spillover strength from rallying grease markets, traders stated.

Corn futures also closed higher and exceeded a one-month peak.

Rising costs for CBOT soyoil and Malaysian palm oil supported soybeans and overshadowed concerns over when U.S. farmers might feel impacts from increased trade tensions with China, following Donald Trump's re-election as U.S. president.

Soyoil skyrocketed to a four-month high up on strong need, while palm oil increased after getting on Wednesday to the highest level in more than two years.

Palm oil has been going crazy on the advantage, said Tomm Pfitzenmaier, expert for Summit Commodity Brokerage in Iowa.

CBOT soybeans finished up 22-1/2 at $10.26-1/ 4 per bushel and reached the greatest level given that Oct. 8 in the most-active agreement. Technical purchasing accelerated gains, brokers said.

In soyoil, December futures advanced 1.98 cents to 48.32 cents per pound.

Weekly U.S. soyoil export sales for 2024-25 were 114,300 metric heaps, the U.S. Department of Farming stated, squashing experts' quotes for zero to 50,000 loads.

Expectations that Trump might enforce tariffs on U.S. imports of used cooking oil likewise supported domestic need projections for soyoil, traders said.

On Wednesday, soybean futures recovered after sinking on issues that U.S. soy exports to China will suffer due to Trump's promises to slap tariffs on Chinese goods.

A tariff battle with Beijing may not affect U.S. soybean export sales till next summer, though, and importers might boost purchasing before Trump takes office in January, traders stated.

There's a lot of undertones and possibilities here that could be very much various than just 'Trump's chosen. We're. going directly into a trade war,' said Jim Gerlach, president. of A/C Trading.

CBOT wheat fell 1-3/4 cents to $5.71-1/ 2 per bushel. Corn futures rose 1-1/4 cents to $4.27-1/ 2 per bushel and. reached the greatest given that Oct. 3.

Strong need from importers and domestic purchasers underpinned. corn, stated traders, who will examine month-to-month USDA crop information on. Friday.

(source: Reuters)