CBOT soybeans tick higher on strong demand, weather worries

• New-crop November soybeans SX26 settled 6 cents higher to $13.16-1/4 per bushel.
• CBOT October soymeal SMV26 ended $5.70 higher to $348.60 per short ton, while December soyoil BOZ26 settled 0.92 cent lower to 70.04 cents per pound.

Oil prices rose on Thursday after U.S. strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruption to Middle East supplies, while comments from Russian President Vladimir Putin signalling openness to peace negotiations limited the gains. O/R

Soybean prices often follow fluctuation in crude oil prices as the oilseed is used as a feedstock for biofuels.

Chicago Board of Trade soybean futures moved higher on Thursday on continued Chinese purchases of U.S. soybeans, concerns over hot, dry weather in soy-producing areas of the U.S. and rising crude oil futures.

• The Department of Agriculture said new-crop U.S. soybean export sales in the week ended August 27 are at 1,948,400 metric tons, in line with trade estimates for 1,400,000 to 2,500,000 tons. The agency also reported net cancellations of 94,200 tons of old-crop sales.
• In addition, private exporters sold 192,000 tons of new-crop U.S. soybeans to China, the USDA said in a daily reporting system announcement.
• A farmer survey conducted by agricultural commodity brokerage and analysis firm Allendale forecast the U.S. 2026 soybean crop at 4.515 billion bushels, with an average yield of 52.6 bushels per acre.
• Allendale's U.S. soybean estimate was slightly below USDA's projection for a 4.519-billion-bushel crop and average yield of 52.7 bushels per acre.