CBOT soybeans close higher on poor US planting weather

CHICAGO: Chicago Board of Trade soybean futures closed higher on Friday on forecasts for rains in the US Midwest that will likely stall late soybean planting progress, traders said.

* CBOT July soybeans settled up 8-3/4 cents at $8.96-3/4 per bushel.

* CBOT July soymeal ended up $1.80 at $323.50 per short ton while July soyoil ended down 0.41 cent at 27.61 cents per pound.

* Forecasts called for rain over the next 15 days, with the heaviest precipitation expected in Missouri, Illinois, Indiana and Ohio.

* "The persistent wet weather in these areas will severely limit remaining soybean planting and increase the potential for significant declines in soybean acreage, in addition to the large declines in corn acreage that are now unavoidable," space technology company Maxar said in a daily weather note.

* The US Department of Agriculture said private exporters sold 130,000 tonnes of US soybeans to China and another 130,000 tonnes to unknown destinations, all for delivery in the 2018/19 marketing year.

* The USDA said private exporters also canceled sales of 136,000 tonnes of 2018/19 US soybeans earmarked for China.