imageCHICAGO: US soybean futures rose on Monday, following a rally in the soymeal market, traders said.

Chicago Board of Trade March soymeal closed at a session high while March soybeans ended just 1/4 cent below their daily peak.

The soymeal strength stemmed from signs of export demand for US supplies. Traders said that offerings from South America were thin as Argentine processors were keeping their crushing pace light due to poor profit margins.

Buying in soymeal accelerated after the benchmark March contract broke through technical resistance at its 100-day moving average. CBOT front-month soymeal hit its highest since Jan 14.

Export demand for soybeans also remained strong.

Soybean export inspections were 1.522 million tonnes in the latest week, the US Agriculture Department said. Analysts’ forecasts ranged from 1.3 million to 1.475 million tonnes.

Soyoil futures weakened to their lowest in nearly six years, pressured by poor demand from both the domestic and export sectors. Traders also noted some long soymeal/short soyoil spreading.

CBOT front-month soyoil bottomed out at 31.04 cents per lb, the lowest since March 18, 2009.

Copyright Reuters, 2015