CHICAGO: Chicago Board of Trade soybean futures higher on Monday after trading both sides of even, as support from strength in the US wheat markets pushed the oilseed past pressure from weather forecasts calling for rains in parts of the US Midwest, traders said.
CBOT benchmark November soybean futures settled up 4-1/4 cents at $13.52-1/2 per bushel.
CBOT most-active December soymeal ended $5.70 higher at $359.60 per short ton, while December soyoil fell 0.45 cent to end at 62.59 cents per pound.
For the week ended July 29, US exporters shipped 181,193 tonnes of soybeans, according to the US Department of Agriculture, down 25% from the prior week. Exporters have shipped 58.2 million tonnes of soybeans for the 2020/2021 marketing year, up 47.8% from the year prior.
The US Department of Agriculture is expected to rate 57% of the country’s soybean crop in good to excellent condition in its weekly crop progress report, down from 58% a week ago, according to the average estimate in a survey of 12 analysts on Monday.
The European Union will retain tariffs on US biodiesel for five additional years, the European Commission said.
Ahead of a monthly USDA soy crush report due Monday afternoon, analysts surveyed by Reuters on average expected the government to show the US June soybean crush at 162.1 million bushels, down from 173.5 million in May.