US soybean futures closed up sharply on Thursday amid excessive rain and flooding in the US Midwest that was harming crops, traders said. Forecasts for more rain in already saturated crop areas were leading to concerns about further harm to the 2008 US soybean crop, they said.
Gains in gold and crude oil as the dollar fell also gave soybean futures a boost, traders said. Gains were limited by a pickup in Argentine soy trade after the end of a farmer strike.
CBOT soy closed 28 to 36-3/4 cents per bushel higher, with July up 36-3/4 at $15.74-1/4 per bushel. Rain in US Midwest leads to risk for local flooding and further harm to crops. USDA said 2,021,300 tonnes US soy (old/new crop) sold for export last week, within estimates for 1,900,000 to 2,250,000 tonnes. Census May US soy crush 150.36 mln bu, below estimates for 152.8 mln. Positioning ahead of release early Monday of USDA's June plantings and quarterly stocks reports.
Soymeal closed $4.70 to $11.20 per ton higher, with July up $11 at $421.20 per ton. Soymeal followed soybeans higher. USDA said 73,000 tonnes US soymeal (old/new crop) sold for export last week, below estimates for 75,000 to 150,000 tonnes. Census May soy crush report showed US soymeal stocks at 431,528 tons, above estimates for 313,500 tons.
Soyoil closed 1.38 to 1.49 cent per lb higher, with July up 1.45 at 65.66 cents per lb.
Soyoil tracked the upward trend in soybeans, with gains in crude oil also supportive. USDA said 20,200 tonnes US soyoil (old crop) sold for export last week, above estimates for nil to 10,000 tonnes. Census May soy crush report showed US soyoil stocks 2.971 bln lbs, slightly below estimates for 2.993 bln.