CBOT soybeans rise ahead of USDA data, supported by dry Midwest conditions

Parvez Jabri August 10, 2019

CHICAGO: Chicago Board of Trade (CBOT) soybean futures climbed to a 1-1/2 week high on Friday on concerns about dry US Midwest weather and as traders squared positions ahead of a US government report due for release on Monday, traders said.

* CBOT September soybeans ended 8-3/4 cents higher at $8.79 a bushel. New-crop November soybeans, the most actively traded contract, also jumped 8-3/4 cents, to $8.91-3/4 a bushel.

* November soybeans were up 2.7% for the week, the first weekly gain in a month.

* CBOT September soymeal rose $1.70 to $298.50 per short ton. September soyoil rose 0.57 cent to 29.58 cents per pound.

* Traders are squaring positions ahead of next week’s US Department of Agriculture supply-and-demand report, which is expected to show a smaller crop and fewer planted acres.

* Dry conditions in parts of the central and eastern US Midwest has raised worries that yields could suffer. That area is expected to remain drier than normal over the 6- to 15-day period, forecasters said.

* Fears of a prolonged US-China trade war limited gains in soybeans. US President Donald Trump said on Friday that he was not ready to make a trade deal with China, the world’s top soy importer.

Copyright Reuters, 2019

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