CHICAGO: Chicago Board of Trade soybean futures set a 2-1/2-month high on Thursday after the US Department of Agriculture cut its US soybean yield estimate in a monthly report, bucking trade expectations for a slight increase.
CBOT November soybeans settled up 26-3/4 cents at $9.92 a bushel after reaching $9.97-3/4, the contract's highest level since Aug. 1.
CBOT December soymeal ended up $11.40 at $326.30 per short tonne while December soyoil rose 0.13 cent at 33.28 cents per pound.
The spot oilshare, measuring soyoil's share of value in soy products, fell to 33.88 percent after dipping to 33.71 percent, its lowest level since July 20.
The USDA lowered its US 2017 soy yield estimate to 49.5 bushels per acre (bpa), down from 49.9 in September and below the average trade estimate in a Reuters poll of 50.0 bpa.
The USDA raised its estimate of US soy harvested acres and left its production estimate unchanged from September at 4.431 billion bushels.
Additional support for soybean futures stemmed from updated forecasts calling for dry weather in portions of northern Brazil, where soy planting is under way.
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