CBOT soybeans climb, led by strength in wheat, bullish US crush data

Chicago Board of Trade soybean futures closed higher on Wednesday, lifted by strength in wheat and corn futures as well as bullish monthly U.S. soy crushing data, traders said.

• CBOT August soybeans SQ26 settled up 9-1/2 cents, or 0.8%, at $12.02-1/4 per bushel and benchmark November soybeans SX26 ended up 10-3/4 cents, or 0.9%, at $12.01-3/4 a bushel.
• CBOT August soymeal SMQ26 ended up $1.50, or 0.5%, at $318.90 per short ton.
• CBOT August soyoil BOQ6 rose 0.52 cent, or 0.7%, to finish at 72.92 cents per pound.
• The National Oilseed Processors Association said its members crushed 214.340 million bushels of soybeans in June, topping a range of analyst expectations.
• NOPA also reported a larger-than-expected drop in U.S. June soyoil inventories to an eight-month low of 1.501 billion pounds, below all trade estimates.
• Stressful hot weather persisted in the U.S. Midwest crop belt on Wednesday but temperatures were expected to moderate slightly next week, with increased rains.
• Ahead of Thursday's weekly export sales report from the U.S. Department of Agriculture, analysts expected the government to report net export sales of U.S. old-crop soybeans in the week to July 9 at 100,000 to 500,000 metric tons and new-crop sales of 900,000 to 1.7 million tons.