Soymeal futures opened higher in early Chicago Board

Soymeal futures opened higher in early Chicago Board of Trade action, boosted by stronger-than-expected export sales to Southeast Asia. Contracts for May delivery rose 0.8%, as tight global supply continues to underpin sentiment in the feed market. Soybeans are trading with weaker action on Thursday, as contracts are down 1 to 2 cents. Futures saw late session buying, with contracts closing 10 to 12 cents higher. Wednesday’s preliminary open interest rose 8,252 contracts. The cmdtyView national average Cash Bean price was 10 cents higher at $9.35. Soymeal futures were down $1 in the nearby October contracts, as other contracts were steady to 80 cents higher. Soy Oil futures were 73 to 93 points higher. The July-loading FOB premium in Argentina was up by 3 cents per bu to 20 cents per bu over July CME futures. Technical charts show soymeal futures consolidating above the 50-day moving average, with RSI near 58 pointing to moderate bullish momentum. A breakout above $445 could trigger fresh buying from commodity funds seeking feed market exposure.