CBOT soy ends up on equity rebound, dry weather

CHICAGO: Chicago Board of Trade soybean futures closed higher Monday in a follow-through recovery bounce in equities and spillover support from the release last week of bullish US soybean production data from the USDA.

* Dry weather in portions of the US Midwest including parts of top producers Iowa and Illinois also lent support to the soybean market.

* Traders said the weak dollar, gains in equities and crude oil were leading the soy market higher.

* Additional support to soy from a larger-than-expected US soy crush number for July released by NOPA on Monday.

* CBOT soyoil was expected to open 0.40 to 0.60 cent per lb higher and soymeal was expected up $2.50 to $3.50 per ton.

* Corn and soybean crops in the US will benefit from last week's cooler temperatures and showers, and that pattern should continue through this week followed by a little warmer weather next week, an agricultural meteorologist said on Monday.

* NOPA pegged US July soy crush at 122.952 million bushels, above an average of analysts' estimates for 118.5 million and above 117.718 million in June.

* NOPA pegged end July soyoil stocks 2.530 billion lbs versus June 2.588 billion and July soymel exports 386,812 tons versus June 372,819 tons.

* New-crop November between key support at its 200-day moving average of $13.14-1/4 and resistance at its 50-day ma $13.52-1/4. Nine-day RSI at 53. 1:22 PM CDT

Copyright Reuters, 2011