CBOT soybeans end higher in rebound from four-week low on Monday
SOYB•CBOT soybean futures closed higher, with the November contract up 9.5 cents at $12.97¾ per bushel after falling to a four-week low in the previous session.
1. Soybeans rebound
CBOT soybean futures closed stronger on Tuesday, rebounding after sinking to a four-week low in the previous session. Traders said Monday’s decline was overdone, prompting bargain buying ahead of the end of the month and quarter.
2. Stocks and harvest
Traders were waiting for quarterly U.S. stocks data due Wednesday. Analysts surveyed expected soybean stocks of 324 million bushels on September 1, compared with 325 million a year earlier. The U.S. harvest was 17% complete as of Sunday, matching the five-year average, while rain delays left harvesting behind schedule in Iowa and Nebraska; forecasters said rain could continue disrupting harvest and potentially cause crops to sprout.
3. Other contracts
December soymeal fell 40 cents to $359 per ton, a two-week low, while December soyoil rose 0.70 cent to 68.36 cents per pound.
