CBOT soybeans hit 2-month high on US planting delays

CHICAGO: Chicago Board of Trade soybean futures ended higher, with the nearby contract setting a two-month top on forecasts for wet conditions in the US Midwest that should further slow planting progress, traders said.

CBOT July soybeans settled up 16 cents at $9.12-3/4 per bushel after reaching $9.14, the contract's highest level since April 15. The contract crossed and settled above its 200-day moving average.

CBOT July soymeal finished up 80 cents at $324.30 per short ton and July soyoil rose 0.53 cent to settle at 28.14 cents per pound.

Ahead of the US Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report soybean planting progress at 79%, up from 60% a week earlier but still behind the average pace.

Traders shrugged off pressure from a disappointing monthly soy crush figure. The National Oilseed Processors Association (NOPA) said its members crushed 154.8 million bushels of soybeans in May, below an average trade estimate of 162.5 million.

Soyoil futures were supported by NOPA data implying strong usage. NOPA said soyoil stocks declined to 1.581 billion pounds by the end of May, down from 1.787 billion at the end of April. The figure fell well below the average analyst estimate of 1.784 billion pounds.

The USDA reported export inspections of US soybeans in the latest week at 675,302 tonnes, toward the low end of trade expectations for 500,000 to 1 million tonnes.