CBOT soybeans rise to four-week high as rains threaten US acreage

CHICAGO: Chicago Board of Trade soybean futures rallied 3.2 percent on Tuesday on concerns that muddy fields across the US Midwest and forecasts for more rain will cause farmers to cut back on their soybean plantings, traders said.

* Soymeal and soyoil futures also posted sharp gains.

* The most-active soybean futures contract hit a four-week high.

* Soymeal futures hit their highest level since March 26.

* Gains in crude oil also were supportive to the soy complex.

* CBOT July soybean futures broke through the 30-day moving average for the first time since April 16. Technical resistance was noted at the high end of the 20-day Bollinger range.

* Analysts were expecting a US Agriculture Department report on Tuesday afternoon to show that US farmers had completed  31 percent of their soybean planting as of May 26. The five-year average is 66 percent.