CHICAGO: Soybean futures on the Chicago Board of Trade rose nearly 3 percent on Monday and set a one-week high on concerns that dry US crop weather over the next two weeks would further stress the crop, traders said.
* Soymeal and soyoil also ended higher, with soymeal gaining against soyoil on meal/oil spreads.
* Midday weather updates indicated even drier weather than earlier forecasts in the US Midwest for the next week or two, which will increase stress on corn and soybean crops that already have been slashed due to the worst drought in over 50 years.
* Analysts surveyed by Reuters expected USDA in its weekly crop report on Monday to show US soybean condition ratings down 2 percentage points, at 29 percent good to excellent.
* Trade expecting no first-day deliveries against CBOT August soybean and soymeal futures on Tuesday, but soyoil deliveries were seen at 1,000 to 2,000 contracts.
* Brazilian soybean producers are selling the 2012/13 crop earlier than ever before, with 41 percent of next season's output already sold, two months before planting starts - analyst Celeres.
* USDA reported export inspections of US soybeans in the latest week at 15.498 million bushels, within a range of trade estimates for 12 million to 17 million.
* Average palm oil prices in Malaysia may hold their ground at 3,200-ringgit this year, a Reuters poll showed, supported by a squeeze in supplies of edible oil from the drought-hit US Midwest and the brewing El Nino weather pattern.
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