Chicago Board of Trade soybean futures rose 1.5% on Thursday to a 4-1/2 year high, supported by signs of strong exports and concerns about South American harvests. Since June 10, 2016, the most active contract exceeded $12 per bushel for the first time.
New contract highs were reached across the board. The benchmark CBOT January soybean futures contract encountered technical resistance at the high end of its 20-day Bollinger Band. Soybean meal and soybean oil futures also rose, setting a continuous record since June 30, 2014.
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