CBOT soybeans rise in technical rebound from prior-session break

CHICAGO: Chicago Board of Trade (CBOT) soybeans closed higher on Wednesday in a technical-buying rebound from the previous day's declines as the market awaited details of a government farm aid package that could encourage farmers to plant more soy.

* CBOT July soybeans settled up 6-1/2 cents at $8.28-1/2 per bushel after bouncing off of the prior day's low of $8.19. The contract hit chart resistance at its 20-day moving average.

* CBOT July soymeal ended $3.00 higher at $298.30 per short ton while July soyoil gained 0.17 cent to 27.31 cents per pound.

* A media report on Tuesday said the White House is considering payments of $2 per bushel for soybeans as part of a $20-billion aid package to offset farmers' losses from the trade war with China. The aid had been seen encouraging more soy planting at a time when supplies are already record-large.

* The US Department of Agriculture (USDA) later on Tuesday said details on the aid package would be forthcoming and urged farmers not to base planting decisions "based on inaccurate media stories."

* The USDA on Wednesday confirmed private sales of 131,000 tonnes of US soybeans to undisclosed buyers.

* Rainy weather is still threatening Midwest corn and soybean planting. Poor field conditions may trigger a shift from corn acres to soybeans, which can be planted later in the spring.

* The lack of progress in US-China trade talks also hung over the soybean market. No talks between top Chinese and US negotiators have been scheduled since the end of two days of discussions in Washington on May 10.