CBOT soybeans up on pre-holiday positioning
CHICAGO, Nov 27 (Reuters) -Chicago Board of Trade soybean futures gained support from pre-Thanksgiving positioning and a drop in the U.S. dollar, which makes U.S. exports more competitive.
U.S. commodities markets will be closed on Thursday for the Thanksgiving holiday and will re-open for an abbreviated session on Friday, with trading closing at 12:05 p.m. CST.
Regular rain in Brazil and Argentina in recent weeks has boosted prospects for the soybean harvest and kept a ceiling on prices.
Traders continued to assess the possible impact of U.S. President-elect Donald Trump's threat of tariffs against major trading partners when he takes office on Jan. 20.
The 25% tariff on Canadian imports opened up the possibility that imports of canola oil could be replaced by domestic soyoil as a feedstock for the growing biodiesel market, according to traders.
The U.S. Department of Agriculture reported exporters sold 132,000 metric tons of soybeans to China for 2024/2025 delivery.
CBOT January soybeans SF25 settled up 5-1/4 cents to $9.88-3/4 a bushel.
Most-active CBOT January soymeal SMF25 finished up $4 at $295.40 per short ton.
Most-active CBOT January soyoil BOF25 closed down 1.79 cents at $40.92 per pound.
Reporting by Heather Schlitz; Editing by David Gregorio
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