US soybean futures on the Chicago Board of Trade closed higher on Tuesday amid a smaller-than-expected production forecast from the USDA. CBOT soy closed 5 to 18 cents per bushel higher, with August up 5 cents at $12.20 and new-crop November up 18 at $12.14. Funds bought 4,000 lots.
In its August crop report, USDA pegged 2008 US soybean production at 2.973 billion bushels, below an average of analysts' estimates for 3.001 billion. The USDA reduced its estimate of average yield to 40.5 bushels per acre from 41.6 in July. But USDA raised its estimated of harvested soybean acres to 73.3 million from 72.1 million in July. On Monday.
USDA said in its weekly crop progress report 63 percent of the US soy crop was rated good to excellent, unchanged from a week earlier. Crop weather remains good for pollinating corn and pod-setting soy in the US August contract below all key moving averages and nine-day RSI remained in oversold technical area at 25 after Tuesday's close.
Soymeal closed $4.00 to $11.70 per ton higher, with August up $9.20 at $341.70 per ton. Soyoil closed 0.58 to 0.72 cent per lb lower, with August down 0.58 at 49.83 cents per lb. Funds sold 2,000 soyoil contracts. Soyoil pressured by declines in crude oil.
CBOT soybean volume estimated at 123,345 futures and 35,090 options. Soyoil volume estimated at 77,861 futures and 3,144 options. Soymeal volume estimated at 41,810 futures and 1,340 options.
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