Soybeans end higher on US weather jitters

07 Aug, 2015

Chicago Board of Trade soybean futures closed higher on Wednesday on forecasts for drier weather in the US Midwest as the crop sets pods, and positioning ahead of monthly US government crop reports due next week, traders said. The US Department of Agriculture may adjust US soybean acreage figures in its monthly supply/demand reports on August 12, following a resurvey of producers in Arkansas, Kansas, and Missouri.
Informa Economics estimated US soybean production at 3.789 billion bushels, below USDA's July forecast of 3.885 billion. Informa pegged the US soy yield at 45.4 bushels per acre, below USDA's figure of 46.0. Commodity brokerage INTL FCStone on Tuesday estimated US 2015 soybean production at 3.797 billion bushels and an average yield of 45.0 bpa. Soymeal futures drew support from rising Chinese pork prices that the Chinese Ministry of Agriculture said are likely to continue rising in coming months. Soyoil closed lower but most months held above contract lows set this week. Underscoring firm cash values for soybeans and soymeal, there were no August deliveries for either product. August soyoil deliveries totalled 936 contracts.

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