CHICAGO: Soybean futures on the Chicago Board of Trade hit a six-month high on Monday on renewed worries about the size of South America's soy harvest, although the market pared gains by the close, traders said.
* Front-month soybeans reached $13.88-1/2 per bushel, the highest spot soybean price since mid-September 2011. Spot soyoil also touched a six-month high and spot soymeal hit a near seven-month high.
* Crop forecaster AgRural lowered its estimate of Brazil's 2011/12 soybean crop to 66.7 million tonnes from its previous forecast of 68 million.
* Lower South American soy production this year due to drought is likely to lift CBOT soy futures above $14 per bushel soon, top oilseed analyst Thomas Mielke said at a conference in Beijing.
* Strength in Malaysian palm oil futures and Dalian soyoil and soybean futures lent support.
* Additional support was from fears that US 2012 soy plantings will be insufficient for demand. The average analyst estimate for US 2012 soy seedings ahead of USDA's plantings report on Friday was 75.4 million acres, up slightly from 75 million in 2011.
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