CBOT soybeans end higher on US planting worries, corn strength

CHICAGO: Chicago Board of Trade soybean futures closed higher on Thursday on spillover strength from corn and worries that wet weather in the US Midwest will delay late plantings and threaten soybean yield potential, traders said.

* CBOT July soybeans settled up 10 cents at $8.88 per bushel.

* CBOT July soymeal ended up $2.20 at $321.70 per short ton and July soyoil ended up 0.46 cent at 28.02 cents per pound.

* The Commodity Weather Group in a daily client note said rains in the next 10 days, especially in the eastern Midwest, would likely stall soybean planting.

* The US Department of Agriculture reported export sales of US corn in the week to June 6 at 531,100 tonnes (old and new crop years combined), in line with trade expectations.

* The USDA reported weekly US soymeal export sales at 154,000 tonnes (old and new crop years combined), in line with trade expectations, and soyoil sales at 5,100 tonnes, below expectations.

* Rallies in soybean futures capped by news that Chinese soybean

buyers are asking sellers in the United States to delay cargoes due to be shipped in July until August, raising fears of cancellations.