CBOT soybeans jump 3pc on smaller-than-expected USDA stocks data

CHICAGO: Chicago Board of Trade soybean futures surged 3% on Wednesday and the benchmark November contract notched a one-week high after the US Department of Agriculture's quarterly stocks figure for soybeans fell below an average of trade expectations.

CBOT November soybeans settled up 30-1/2 cents at $10.23-1/2 per bushel after reaching $10.34-3/4, its highest since Sept. 22.

CBOT December soymeal ended up $10.90 at $342.80 per short ton and December soyoil rose 0.44 cent to finish at 33.13 cents per pound.

The USDA reported US Sept. 1 soybean stocks in all positions at 523 million bushels, below the average estimate in a Reuters analyst poll of 576 million.

The Sept. 1 stocks figure, which becomes the USDA's official ending stocks figure for the 2019/20 marketing year, also fell below the USDA's last 2019/20 ending stocks forecast of 575 million bushels.

Through its daily reporting system, the USDA confirmed private sales of 215,000 tonnes of US soybeans to unknown destinations.

Ahead of Thursday's weekly USDA export sales report, traders expected the government to show US soybean sales in the week ended Sept. 24 at 1.5 million to 2.5 million tonnes.

US biodiesel production rose to 162 million gallons in July from 151 million gallons in June, the US Energy Information Administration said. Soyoil remained the largest biodiesel feedstock.

The CBOT reported 54 deliveries against the October soymeal futures contract on first notice day, and no deliveries against October soyoil.