Soybean futures on the Chicago Board of Trade closed modestly higher on Monday, with the spot September contract drawing support form a higher-than-expected monthly US soybean crush figure, traders said. The National Oilseed Processors Association said its members crushed 145.2 million bushels of soybeans in July, above an average of trade estimates for 141.5 million and the most on record for July.
Bullish US government acreage data lent support. USDA's Farm Service Agency farmers by August 3 reported "prevented plantings" of soybeans at 2.173 million acres, a figure that some analysts said signaled that USDA might lower its official estimates of planted acreage later this year. Soyoil prices came under light pressure from NOPA's monthly report showing that July soyoil stocks rose to 1.624 billion lbs, from 1.574 billion in June. Analysts had forecast soyoil stocks at 1.592 billion lbs.