OREANDA-NEWS. February 06, 2015. Soybean futures on the Chicago Board of Trade rose on Thursday, led by strength in soyoil and Malaysian palm oil, traders said.

Strength in US crude oil futures and a softer dollar lent support.

Volume was thin, and the March soybean contract stayed within the previous day's trading range.

Surging Malaysian palm oil futures lifted global vegetable oils markets, including CBOT soyoil. Malaysian palm climbed more than 5 percent after plans by Indonesia's government to ramp up biodiesel subsidies passed a legislative hurdle.

Higher subsidies could boost the use of palm oil for blending into biodiesel, demand for which has dwindled due to falling crude oil prices.

Soymeal closed lower as soyoil rose, reflecting oil/meal spreading.

USDA reported export sales of US soybeans in the week ended Jan. 29 at 489,600 tonnes for 2014/15, in line with trade estimates.

USDA reported weekly soymeal export sales at 296,300 tonnes for 2014/15, at the high end of trade expectations. But shipments, at 144,232 tonnes, were the lowest since October.

USDA reported weekly soyoil export sales at 15,100 tonnes, in line with trade expectations.