CBOT soybeans rise as US planting impeded by rainy weather

CHICAGO: Chicago Board of Trade (CBOT) soybeans rose about 1% on Friday on spillover support from rallying corn prices and as rain-delayed US planting raised concerns about reduced US production this season.

* CBOT July soybeans ended up 8-1/4 cents at $8.29-3/4 per bushel. The contract hit chart resistance at its 20-day moving average, a technical point that has capped gains since mid-May.

* July soybeans were 1% higher on the week. It was the second straight weekly gain after declines for the previous five weeks.

* CBOT July soymeal ended $3.30 higher at $300.50 per short ton while July soyoil rose 0.23 cent to 27.01 cents per pound.

* Rainy weather and soggy field conditions are threatening Midwest planting. Above-normal precipitation is expected over the next 15 days.

* The lack of progress in US-China trade negotiations remains a cap on soybean prices. No talks between top Chinese and US negotiators have been scheduled since the end of two days of discussions in Washington on May 10.