CHICAGO: Soybean futures on the Chicago Board of Trade closed higher on Monday on bargain buying after the July contract on Friday touched a near two-week low, traders said.
CBOT July soybeans settled up 2-1/4 cents at $9.65-1/4 a bushel.
CBOT July soymeal ended down 80 cents at $312.50 per short ton, while July soyoil rose 0.18 cent at 33.02 cents per lb.
CBOT soybeans got an early boost from strength in the Brazilian real, which tends to discourage Brazilian farmers from selling their dollar-denominated soybeans.
But soybean futures pared gains on a smaller-than-expected monthly US soybean crush figure. The National Oilseed Processors Association said its members crushed 139.1 million bushels of soybeans in April, down from 153.06 million bushels in March. Analysts had been expecting an April crush of 145.7 million bushels, based on an average of estimates in a Reuters survey.
NOPA said soyoil stocks as of April 30 fell to 1.725 billion lbs, from 1.815 billion lbs at the end of March. Analysts had forecast soyoil stocks of 1.777 billion lbs.
The US Department of Agriculture reported export inspections of US soybeans in the latest week at 281,465 tonnes, below a range of trade expectations for 300,000 to 450,000 tonnes.
Ahead of the USDA's weekly crop progress report, the average estimate of US soybean planting progress among analysts surveyed by Reuters was 28 percent, up from 14 percent a week ago.
The CBOT reported 91 soybean deliveries against the expired May futures contract. There were 19 soymeal deliveries and 76 soyoil deliveries.
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