CBOT soybeans close higher on short covering, new Chinese purchases

Soyoil futures turned higher, with most-active December soyoil BOZ26 ending up 0.20 cent at 67.37 cents per pound.

Nearby soymeal futures contracts also firmed, with most-active December soymeal SMZ26 closing up $1.00 at $316.60 per short ton.

China has bought at least another 10 cargoes of U.S. soybeans, three Asian traders said on Thursday, the latest in a flurry of purchases ahead of President Xi Jinping's expected U.S. visit next month.

State-run buyer Sinograin purchased 10 to 15 cargoes on Wednesday, the traders said. At least 10 cargoes were for October-November shipment, one trader said.

Exporters sold 122,000 metric tons of U.S. soybeans to China, the USDA said in its daily reporting system.

Weekly U.S. soybean export sales were 903,900 metric tons for 2026-27, while analysts expected 900,000 to 1.55 million metric tons.

Traders are beginning to turn some of their focus to next week's highly anticipated government crop reports, analysts said. The U.S. Department of Agriculture is set to release its monthly crop supply and demand report on August 12, and will also update its yield, production and harvest acreage numbers for corn and soybeans.

Chicago Board of Trade soybean futures ended higher on Thursday amid a spate of short covering and technical trading, market analysts said.

Most-active CBOT November soybeans SX26 settled up 3 cents at $11.77-3/4 per bushel.