CBOT soybeans approach 7-year high on South America weather woes
- Brazilian farmers harvested an estimated 35% of the country's soybean acreage through last Thursday, down from 49% a year ago and the slowest pace in a decade, agribusiness consultancy AgRural said.
CHICAGO: Chicago Board of Trade soybean futures ended higher on Monday, reaching a near seven-year top on worries about harvest delays in Brazil and dry conditions in Argentina, traders said.
CBOT May soybeans settled up 3-3/4 cents at $14.33-3/4 per bushel, paring gains after reaching $14.60, the highest price in a continuous chart of the most-active soybean contract since June 2014.
CBOT May soyoil ended up 0.66 cent at 52.46 cents per pound while May soymeal fell $1.90 to settle at $416.30 per short ton.
Contract highs were set across the board in CBOT soybean and soyoil futures contracts.
The US Department of Agriculture (USDA) reported export inspections of US soybeans in the latest week at 587,594 tonnes, in line with trade expectations for 400,000 to 800,000 tonnes.
- Traders expect the USDA in a monthly supply/demand report due Tuesday to trim its forecasts of 2020/21 US and global soybean ending stocks.
Brazilian farmers harvested an estimated 35% of the country's soybean acreage through last Thursday, down from 49% a year ago and the slowest pace in a decade, agribusiness consultancy AgRural said.
China's soybean imports in January and February totaled 13.41 million tonnes, down slightly from a year earlier, customs data showed on Sunday, as rains in top exporter Brazil slowed some shipments.
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