CBOT soybeans close firm on NOPA report

CHICAGO: Chicago Board of Trade soybean futures rose on Thursday, supported by a better-than-expected crushing report, traders said.

Soyoil futures also rose, hitting their highest since May 23, on support from the crush report as well as technical buying.

Soymeal weakened, with traders noting the unwinding of some long soymeal/short soyoil spreads.

Gains in soybeans were kept in check by forecasts for rain in the US Midwest.

CBOT July soyoil futures broke through their 30-day, 40-day and 50-day moving averages during the session.

The National Oilseed Processors Association said on Thursday morning that its members crushed 149.246 million bushels during May, the second busiest May on record and up from 139.134 million bushels in April.