Chicago Board of Trade (CBOT) soyabean futures rallied to their highest prices in more than a week on Wednesday as US rains threatened further days to plantings that are already behind schedule. The benchmark CBOT July soyabean futures contract settled up 18-3/4 cents, or 2.2%, at $8.78 a bushel. The contract reached its highest price since June 4. CBOT July soyameal jumped $5.10, or 1.7%, at $319.50 per short ton. July soyaoil advanced 0.34 cent, or 1.1%, to 27.56 cents per pound.
Farmers have struggled with wet weather that has prevented some from planting corn. If conditions improve, they could switch acres to soyabeans, which are typically planted after corn. However, more rains expected in the Midwest mean soyabean acres may also go unplanted, traders said.
Farmers who are planting and replanting corn and soyabeans will "still struggle to finish" due to the return of rains, lowering acreage, according to US forecaster Commodity Weather Group. The USDA, in a monthly report on Tuesday, left its 2019-20 production and yield estimates for soyabeans unchanged from May. Adjustments to the soyabean crop outlook can be expected in the USDA's July report, the agency's chief economist told Reuters on Wednesday.
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