CHICAGO: Chicago Board of Trade soybean futures rose on Monday in an abbreviated session, buoyed by on technical buying including short-covering and spillover strength from corn and wheat, traders said.
CBOT August soybeans settled up 23 cents at $9.70 per bushel after reaching $9.80-3/4, its highest since May 10. New-crop November ended up 26 cents at $9.80-3/4.
CBOT August soymeal ended up $7.60 at $313.80 per short ton and August soyoil rose 0.20 cent at 33.24 cents per lb.
Short-covering noted after supplemental data released by the US CFTC late Friday showed large speculators expanded their net short position in CBOT soybeans in the week to June 27 to a record-high 146,696 contracts.
Additional support from follow-through buying after the US Department of Agriculture on Friday reported lower-than-expected US 2017 soybean plantings and June 1 stocks.
The USDA said private exporters sold 120,650 tonnes of US soymeal to Mexico, including 92,540 tonnes for 2017/18 delivery and 28,110 tonnes for 2018/19.
US markets including CBOT grains and soy will be closed on Tuesday, with trade resuming Wednesday at 8:30 a.m. CDT (1330 GMT).
The USDA's weekly Crop Progress report is delayed until Wednesday.
Ahead of the USDA's monthly report on oilseed crushings on Wednesday, analysts surveyed by Reuters on average expected the government to report the US soybean crush for May at 4.757 million short tons, or 158.5 million bushels.
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