Tuesday, 17 July 2012 02:07
CHICAGO: Chicago Board of Trade soybean futures were higher on Monday as heat and dryness kept eating away at US 2012 crop prospects.
* Small amounts of rain this week and early next week in about 70 to 75 percent of the US Midwest crop belt will provide minor relief to withering corn and soybeans, meteorologists said on Monday.
* "There's no huge change in the forecast today, maybe a little more favorable for crops but we couldn't have gotten much worse," John Dee, a meteorologist for Global Weather Monitoring, said.
* A Reuters poll of 12 analysts showed an estimate for US soybean conditions in Monday's USDA weekly crop progress report at 35 percent good-to-excellent, down from 40 percent a week ago.
* Trade sources said Informa Economics cut its estimate for 2012 US soybean yield to 40.0 bushels per acre from the previous 42.0 and dropped production to 3.012 billion bushels from the previous 3.161 billion.
* USDA said US soybeans inspected for export last week totaled 14.271 million bushels, down from 19.175 million a week ago.
COPYRIGHT REUTERS, 2012