CBOT soybeans close modestly higher on export sales data
- CBOT August soybeans settled up 1/4 cent at $8.91-3/4 per bushel while most-active November soybeans ended up 3 cents at $8.88-1/4.
- CBOT December soyoil rose 0.10 cent to settle at 30.16 cents per pound.
CHICAGO: Chicago Board of Trade soybean futures closed higher on Thursday on stronger-than-expected weekly export sales data, but benign crop weather hung over the market, capping rallies by fueling expectations of a big US soy harvest.
CBOT August soybeans settled up 1/4 cent at $8.91-3/4 per bushel while most-active November soybeans ended up 3 cents at $8.88-1/4.
CBOT December soymeal ended up $2.20 at $298 per short ton.
CBOT December soyoil rose 0.10 cent to settle at 30.16 cents per pound.
The US Department of Agriculture reported export sales of US soybeans in the week ended July 23 at 3.6 million tonnes (old and new crop years combined), topping a range of trade expectations for 1.8 million to 2.5 million tonnes.
US crop weather is mostly benign so far but the possibility of problems in late August and September has kept a floor under the market, one analyst said.
Analysts on average expect farmers in Brazil to produce a record-large soybean crop in 2020-21 totaling more than 130 million tonnes, according to a Reuters poll.
Friday is the first notice day for deliveries against CBOT August soybean, soymeal and soyoil futures contracts, which expire next month.
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