CHICAGO: Chicago Board of Trade soybean futures closed higher on Monday, rallying from early declines as updated midday weather forecasts for the Midwest looked hotter and drier for later this month, traders said.
Most-active November soybeans settled up 9 cents at $10.66-1/4 per bushel.
Market pressured in early moves by long liquidation after Friday's weekly report from the US Commodity Futures Trading Commission showed non-commercial traders held a hefty net long position in CBOT soybeans of nearly 145,000 contracts in the week to July 12.
Weekend rains also recharged soil moisture in parts of the Midwest, a factor that could offset the impact of scorching temperatures expected in the region this week.
Ahead of the US Department of Agriculture's (USDA) weekly crop progress report due later on Monday, analysts surveyed by Reuters expected the government to rate 71 percent of the crop as good to excellent, unchanged from a week earlier.
The USDA reported export inspections of US soybeans in the latest week at 367,380 tonnes, in line with trade expectations for 250,000 to 400,000 tonnes.
CBOT soymeal futures followed soybeans higher and gained against soyoil on meal-oil spreads.
Argentina grains truckers started an open-ended strike over hauling rates, according to a union spokesman.
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