CBOT soybeans pare gains amid crop tour results
SOYB•Soybeans ease after crop tour results and USDA sales data
Chicago Board of Trade soybean futures rose before ending slightly lower on Thursday as results from the Pro Farmer crop tour in the U.S. Midwest fueled doubts about soy yields at a time of strong demand for the oilseed.
- Scouts on the Pro Farmer crop tour found above-average soybean pod counts in top producer Illinois and near average counts in western Iowa. But pod counts in other states scouted by the tour have been lower than anticipated.
- The U.S. Department of Agriculture reported net export sales of U.S. old-crop soybeans in the week to August 13 at 85,000 metric tons, near the low end of a range of trade estimates. New-crop sales of 1,723,000 tons were at the high end of trade expectations.
- The USDA reported another 150,000 tons in new-crop soybean sales to undisclosed buyers in a daily sales announcement on Thursday.
- Brazil's soy meal exports are expected to reach a record 25.3 million metric tons, crushers group Abiove said on Thursday, lifting its estimate by 400,000 tons from a July forecast.
- New-crop November soybeans SX26 fell 3/4 cent to $12.36-1/2 per bushel.
- CBOT September soymeal SMU26 ended $3.20 lower to $315.70 per short ton, while September soyoil BOU26 settled 1.32 cents higher to 71.18 cents per pound.
