CBOT soybeans rise on short-covering as US rains stall planting
CHICAGO: Chicago Board of Trade (CBOT) soybean futures advanced on Monday as short-covering and spillover support from higher corn and wheat helped the market claw back a portion of Friday's steep losses, traders said.
* Grain markets were broadly supported by excessive rains across the US farm belt that have prevented farmers from planting spring crops.
* CBOT July soybeans settled up 10 cents at $8.31-3/4 per bushel. The contract hit technical resistance at its 20-day moving average for a fourth straight session.
* CBOT July soymeal ended up $3.00 at $297.30 per short ton while July soyoil rose 0.28 cent at 27.50 cents per pound.
* Analysts polled by Reuters expect, on average, for US soybeans to be 22 percent planted as of Sunday, behind the five-year average of 47 percent. The US Department of Agriculture is scheduled to publish its weekly crop progress report at 3 p.m. CDT (2000 GMT).
* Showers over the next week are threatening to slow corn planting and may trigger a larger shift from corn to soybean acres. But prolonged wet conditions could then impede soybean planting.
* The lack of progress in US-China trade talks continues to hang over the soybean market.