CBOT soybeans close up on oil rally, weather
SOYB•USDA export sales remain in line with estimates
The U.S. Department of Agriculture reported exporters sold 126,000 metric tons of soybeans to unknown destinations for 2026/2027 delivery.
The USDA reported net U.S. soybean export sales totaling 56,351 metric tons last week for shipment in the 2025/26 season, in line with trade estimates for up to 200,000 tons. Net new-crop sales of 1,537,227 tons were in line with expectations of 1,000,000 to 1,800,000 tons.
Oil prices and Midwest weather support the market
Oil prices topped $100 on Thursday, their highest levels in nearly two months, after Yemen's Houthis said they had attacked two Saudi oil tankers in the Red Sea, causing further global supply disruptions following a near-halt in trade through the Strait of Hormuz. LCOc1
Hot, dry weather forecast next week for parts of the Midwest threatened crop development, according to analysts.
Soybean futures rise on oil rally and weather concerns
Chicago Board of Trade soybean futures rose on Thursday as oil prices surged, given the role of soybeans in biofuel production. Hot weather forecast for the U.S. Midwest next week also threatened the crop.
- Most-active CBOT November soybeans SX26 settled up 4-3/4 cents at $12.43-3/4 per bushel.
- CBOT August soyoil BOQ6 ended up 0.11 cents to 75.59 cents per pound.
- CBOT August soymeal SMQ26 finished $1.70 lower at $329.90 per short ton.
