CHICAGO: Chicago Board of Trade soybean futures ended Tuesday up 3/4 cent, supported by forecasts of more heavy rains to hit the US Midwest which could hit crop yields this fall.
The market bounced between positive and negative territory during the day as soybean futures faced pressure from ongoing concerns over a swine flu outbreak in China that could reduce demand for animal feed.
CBOT November soybeans settled up 3/4 cent at $8.44-1/4 per bushel.
But ultimately the trade shrugged off the worries about China’s need for animal feed: CBOT December soymeal futures closed Tuesday up $4.00 at $311.20 per short ton while December soyoil rose 0.01 cent at 28.78 cents per pound.
Heavy rains fell over a wide swath of the Midwest this past weekend, affecting Kansas, southeastern Iowa, southern Wisconsin and northern Illinois, according to the National Weather Service.
One trader said farmers he spoke with in southeastern Iowa saw as much as 15 inches of rain fall on their fields, as well as flooding in some areas.
Ahead of monthly soy crushing data due later on Tuesday from the USDA, analysts surveyed by Reuters on average expected the government to report the US soybean crush for July at 178.2 million bushels.
Source: Brecorder
