CBOT soybeans higher on lagging US harvest progress
DBA•CBOT soybean futures rose after the USDA reported that 25% of the US crop had been harvested, below the five-year average of 33% and analysts’ 29% estimate. November soybeans closed 22-1/4 cents higher at $13.03 per bushel.
1. Harvest falls behind
The USDA said farmers had harvested 25% of the US soybean crop as of Sunday, below the five-year average of 33% and the average analyst estimate of 29%. The crop was rated 57% good to excellent, unchanged from a week earlier, while analysts had expected a one-percentage-point increase.
2. Soybean futures rise
CBOT November soybeans closed 22-1/4 cents higher at $13.03 per bushel. December soymeal rose $7.70 to $354.80 per ton, and December soyoil settled up 0.56 cent at 69.91 cents per pound. Harvesting is expected to accelerate this week as mostly dry weather is forecast in the US Midwest.
