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CHICAGO : Chicago Board of Trade soyabean and product futures closed higher on Wednesday on positioning ahead of Thursday's key US acreage and grain stocks reports, traders said.
Technical support, after front-month May soyabeans hit a 10-day high early, and hopes for increased US soya exports as economic turmoil grips Argentina were also supportive, they said.
"Some traders want to be long beans before tomorrow's reports in case there is a surprisingly low quarterly stocks number," one trader said.
Another floor broker noted that funds and locals typically take profits on the last day of the month and quarter, and that they may have done so early this month before Thursday morning's US Department of Agriculture data.
"Locals covered short positions late after the …