Mumbai, June 28 (Commoditiescontrol) CBOT soybean futures closed higher on Monday on short-covering after last week's steep declines as well as firm U.S. cash markets amid dwindling supplies of old-crop soybeans, trade analysts said.
CBOT July soybeans settled up 19-3/4 cents at $16.30-1/2 per bushel and new-crop November rose 8-1/2 cents to end at $14.32-3/4.
Strength in CBOT soymeal and soyoil futures lent support. CBOT July soymeal ended up $10.10 at $442.70 per short ton and July soyoil settled up 1.07 cents at 70.82 cents per pound.
Ahead of the U.S. Department of Agriculture's June 30 acreage report, analysts surveyed on average expect the government to show U.S. soybean plantings at 90.4 million acres, down from its March figure of 91.0 million.
The USDA reported export inspections of U.S. soybeans in the latest week at 468,309 tonnes, in line with trade expectations for 300,000 to 575,000 tonnes.
Prices for rapeseed and sunflower seed in the European Union are expected to fall in 2022/23 from high levels this season, curbed by bigger projected harvests and continuing imports from war-torn Ukraine, consultancy Strategie Grains said.
Crop Progress data released after the close showed 98% of new crop beans were planted and 91% were emerged as of 6/26. That is 1% point ahead of average and matching the 5-yr average respectively. Soybean condition ratings converted to a Brugler500 score of 365. That is down 6 points from last week’s reading and 10 below the initial score. KS, MI, and the Dakotas were the only 4 reported states to improve in condition wk/wk, with NC, KY, MI, and TN all dropping 20+ points. Conditions in Iowa are still the highest, at 391 on the Brugler500 Index.
USDA reported 468,309 MT of soybeans were exported through the week that ended 6/23. That was up 40k MT from last week and more than 4x the same week last year. USDA marked the accumulated export total as 51.373 MMT as of 6/23. That still trails last year’s pace by 10.4%.
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