CBOT soy ends higher on crude oil strength, threat of US harvest delays
SOYB•Crop and crush data in focus
- Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 58% of the U.S. soybean crop in good to excellent condition, unchanged from the prior week.
- Analysts on average expected the USDA to report soybean harvesting as 4% complete nationally.
- Ahead of monthly soy crushing data due on Tuesday from the National Oilseed Processors Association, analysts on average expected the industry group to report that its members crushed 211.553 million bushels of soybeans in August, down 2.4% from July but up 11.5% from a year earlier.
Soy futures close higher on energy strength and harvest-delay concerns
Chicago Board of Trade soybean futures closed higher on Monday, supported by rising energy prices including crude oil and the threat of Midwest harvest delays, traders said.
- Reminders of improving export demand lent support as traders await Chinese President Xi Jinping's visit to Washington later this month.
- The U.S. Department of Agriculture reported export inspections of U.S. soybeans in the latest week at 672,759 metric tons, topping a range of trade expectations for 300,000 to 600,000 tons.
- CBOT November soybeans SX26 settled up 7-3/4 cents, or 0.6%, at $13.04-1/4 per bushel.
- Most-active CBOT December soymeal SMZ26 ended up $3.40, or 0.96%, at $356.20 per ton, and CBOT December soyoil BOZ6 rose 0.51 cent, or 0.7%, to finish at 70.19 cents per pound.
- Forecasts called for heavy rains that could slow harvesting in portions of the Midwest this week, including Iowa, the top U.S. crop producer and No. 2 soybean state. The National Weather Service posted flood watches in central and southwestern Iowa on Monday afternoon.
