Chicago Board of Trade grains and soy complex at 12:24 pm CDT (1724 GMT) Tuesday. Soyabean: July up 18 cents at $15.52 per bushel, new-crop November up 23 cents at $15.46. Rallied on concerns about US Midwest flooding. Soybeans also gain against corn, catching up after corn set record highs in previous eight sessions.
Support also from ongoing farm protests in Argentina that may shift more soy export business to the United States. However, transportation snarls due to US flooding may hamper exports, a bearish market factor. Better crop weather seen for this week in US Midwest but longer-range forecasts more uncertain. USDA pegs US soy 56 pct good to excellent, down from 57 pct the previous week. Plantings at 84 pct, up from 77 pct a week ago but below 94 pct five-year average.
USDA's Iowa crop report said 8 percent of the state's soybean area was flooded and 9 percent have been or will need to be replanted. Record corn price to push soy higher - Oil World. US spot soybean basis bids firm as processors work to replace their crush amid demand for soymeal. Recent CBOT rallies squash export demand.
SOYMEAL: July up $7.40 at $413.50 per ton. Rally to 35-year high as US flooding keeps supplies tight amid strong demand. Argentine farm protests also supportive.
SOYOIL: July up 0.29 cent at 65.94 cents per lb.
RICE: July down 8 cents at $20.58 per cwt. Profit-taking after Monday's rally.
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