CHICAGO: Chicago Board of Trade soybean futures closed higher on Monday, supported by uncertainty about US crop weather and outlooks for warmer and drier conditions in the Midwest next week, traders said.
CBOT August soybean futures settled up 3 cents at $8.79 per bushel and new-crop November rose 3-1/4 cents to end at $8.97-3/4.
CBOT August soymeal futures finished unchanged at $305.80 per short ton while August soyoil rose 0.43 cent to settle at 27.99 cents per pound.
Rallies capped by expectations of improving US soybean condition ratings.
Ahead of the US Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 55pc of the US soybean crop in good to excellent condition, up from 54pc a week earlier.
Analysts on average expected the USDA to report the crop as 96pc planted, up from 92pc a week earlier.
The USDA reported export inspections of US soybeans in the latest week at 757,903 tonnes, below trade expectations.
Pork production in China is expected to expand again after 2020, as the country recovers from a deadly pig disease that is set to hit local supply and lead to a spike in imports this year, the FAO and OECD said. Soymeal is a major feed ingredient for hogs.
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