Markets

CBOT soybeans narrowly higher on export demand ahead of USDA

Published September 9, 2016 Updated September 9, 2016 07:26pm

1 min

By Fawad Maqsood

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CHICAGO: Chicago Board of Trade soybean edged higher on Friday, lifted by strong export demand for US supplies as investors squared positions in advance of a government crop report due on Monday, traders said.

* Soybeans on a continuous chart for the most actively traded contract gained 2.7 percent for the week, reaching the largest weekly jump since July after two weeks of declines.

* Soymeal futures eased about 0.8 percent on Friday while soyoil was slightly higher and palm oil gained nearly 1 percent.

* The US Department of Agriculture earlier reported soybean export sales for the week ended Sept. 1 at 1,776,800 tonnes for the 2016/17 season, above the high end of analysts' expectations.

* Analysts polled by Reuters expected the USDA in a report due on Monday to boost US soybean yields to 49.2 bushels per acre, from 48.9 bpa in August and a new record high.

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