Chicago Board of Trade soyabean futures rose in Asia on Thursday on forecasts for drier, hotter weather in the United States next week after recent rain, traders said. "The forecast for next 10 days seems to be hot and dry again," a Singapore-based trader said. "It's fear of the warmer weather despite the past rain in the last few days."
Scattered showers that fell over much of the US Midwest crop belt this week helped parched soyabeans, pressuring contracts on Wednesday. New-crop November rose by as much as 10 cents to $6.96-1/2 cents per bushel on Thursday, leading a rise by all near-month contracts. August beans rose by as much as 9-1/4 cents to $6.83 per bushel.
Also influencing trade are expectations of a US soya crop yield of 38 to 39 bushels per acre, down from the government's current estimate of 39.9 bushels per acre.
Many analysts are also shaving their harvested acres from USA's current estimate of 72.4 million. With a yield of 38 to 39 bushels, traders are looking at a crop of about 2.8 billion bushels, down significantly from last year's record 3.1 billion bushels.
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