CHICAGO: Chicago Board of Trade (CBOT) soybean futures closed higher on Thursday, following advances in wheat and corn futures, traders said.
CBOT August soybeans settled up 4-1/2 cents at $8.99 per bushel.
CBOT August soymeal ended up $1.70 at $312.40 per short ton and August soyoil rose 0.09 cent at 28.18 cents per pound.
The US Department of Agriculture in a monthly report lowered its estimate of US 2019-20 soybean production to 3.845 billion bushels, down from 4.150 billion in June but above an average of analyst expectations.
The USDA lowered its estimate of the US soybean yield to 48.5 bushels per acre, down from 49.5 in June and roughly in line with trade expectations.
Traders await the USDA's Aug. 12 report in which the government expects to release updated US plantings figures for soybeans and several other crops.
Brazilian government crop supply agency Conab raised its estimate of Brazil's 2018-19 soybean crop to 115.0 million tonnes, from 114.8 million in June, but left its forecast of 2018-19 soybean exports unchanged at 68 million tonnes.
Traders shrugged off disappointing weekly US export sales data. The USDA reported export sales of US soybeans in the week ended July 4 at 261,700 tonnes (old and new crop years combined), near the low end of trade expectations.
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