CBOT soybeans close higher as crude oil rallies

CHICAGO: Chicago Board of Trade soybean futures ended firm on Monday after trading in negative territory for most of the session. Strong export demand and rising crude oil futures prices underpinned the market despite seasonal harvest pressure.

The strength in crude oil supported gains in soyoil, which rose 2.9%.

Soymeal futures were weaker, setting back from contract highs hit on Friday.

A US Agriculture Department report showed that weekly export inspections of soybeans totaled 1.667 million tonnes. Market forecasts had ranged from 1.05 million tonnes to 1.55 million tonnes.

Analysts were expecting a USDA report on Monday afternoon to show that US soy harvest was 36% complete as of Oct. 4, up 16 percentage points from a week earlier.