Chicago Board of Trade (CBOT) soyabean futures settled slightly higher on Wednesday on short covering as dry conditions in parts of the US Midwest crop belt stoked worries about a smaller US harvest, traders said. CBOT August soyabeans ended up 1 cent at $8.48-3/4 a bushel while new-crop November soyabeans rose 1 cent to $8.66-3/4 a bushel.
CBOT September soyameal declined $2.30 to $295.00 per short ton. September soyaoil rose 0.45 cent to 28.01 cents per pound. Fears that a prolonged trade war with China would limit export opportunities for crops that will be harvested in coming weeks pressured soya prices.
Dry weather in parts of the eastern US Midwest elevated concerns about lower yields. Crop conditions are already below normal following excessive rains during spring planting. Traders are beginning to square positions ahead of next week's US Department of Agriculture (USDA) supply-and-demand report, which is expected to show a smaller crop and fewer planted acres.