CBOT soybeans end higher on spillover support from corn market

CHICAGO: Chicago Board of Trade (CBOT) soybean futures ended slightly higher on Tuesday on spillover support from gains in the neighboring corn market, traders said.

* The benchmark CBOT July soybean futures contract settled up 3/4 cent, or 0.1%, at $8.59-1/4 a bushel.

* CBOT July soymeal ended up $1.00 at $314.40 per short ton and July soyoil was down 0.16 at 27.22 cents per pound.

* The US Department of Agriculture (USDA) cut its estimate for US corn yields more than expected in a monthly report, sending corn futures to a one-week high.

* Farmers have struggled with wet weather that has prevented some from planting corn this spring. They could switch acres to soybeans if conditions improve, which would add to soy supplies.

* "We're buried in beans," said Tomm Pfitzenmaier, partner at Summit Commodity Brokerage in Iowa.

* The USDA left its 2019-20 production and yield estimates for soybeans unchanged at 4.150 billion bushels and 49.5 bushels per acre, respectively. Analysts expected soybean production to drop to 4.123 billion bushels, based on a yield of 49.0 bushels per acre, according to a Reuters poll.

* The agency raised its estimate for 2019-20 US soybean ending stocks to 1.045 billion bushels from its May estimate for 970 million bushels.

* The USDA also trimmed its soybean export projection for the 2018-19 crop year to 1.700 billion bushels from 1.775 billion a month ago amid the ongoing trade fight with China.

* Reduced exports led the agency to raise its outlook for 2018-19 ending stocks to 1.070 billion bushels from 995 million in May.