CHICAGO: Chicago Board of Trade soybean futures closed modestly higher on Wednesday on a technical bounce after the benchmark November contract fell to $8.32 per bushel, its lowest since setting a contract low of $8.26-1/4 on July 16.
CBOT November soybeans settled up 2-3/4 cents at $8.36 per bushel.
CBOT December soymeal ended up 50 cents at $305.20 per short ton while December soyoil fell 0.16 cent at 28.42 cents per pound.
Rally capped by strong US yield prospects and fears about African swine fever in China's hog herd potentially curbing demand for soymeal.
China's agriculture ministry said it cannot rule out the possibility of new swine fever outbreaks.
Rains in the US Midwest this week should bolster soybean yield prospects, but traders are monitoring flooding in Wisconsin and potentially excessive moisture in parts of southern Minnesota and northern Iowa.
Ahead of the USDA's weekly export sales report on Thursday, analyst expected the government to report US soybean sales at 500,000 to 1,250,000 tonnes (old and new crop years combined).
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