Soybeans rise on U.S. weather, crude oil prices
DBA•Soybean futures climb on hot weather and stronger crude
Chicago Board of Trade soybean futures climbed on Wednesday as dry hot weather threatened growing regions and crude oil prices spiked.
- Most-active CBOT November soybeans SX26 ended up 16-1/4 cents at $12.39 per bushel.
- CBOT August soyoil BOQ6 settled up 1.18 cents to 75.48 cents per pound.
- CBOT August soymeal SMQ26 ended $4.90 higher at $331.60 per short ton.
- Rising crude oil prices underpinned futures because of the use of soy as a feedstock for biofuel.
- Oil prices were approaching a six-week high on Wednesday on mounting supply concerns as hostilities continued escalating between the U.S. and Iran, while threats to shipping by the Iran-backed Houthi militia in Yemen further boosted prices.
- Hot weather expected to return to parts of the U.S. Midwest is likely to stress the crop, according to analysts.
