CBOT soybeans extend gains on technical buying, soyoil rallies

Reuters
07-18
CBOT soybeans extend gains on technical buying, soyoil rallies

CHICAGO, July 17 (Reuters) - Chicago Board of Trade soybean futures finished higher on Thursday, extending gains on technical buying after the most-active contract Sv1 hit a three-month low on Monday, analysts said.

  • Strong gains in CBOT soyoil helped support soybeans, traders said.

  • Expectations for a large U.S. soybean harvest continued to hang over the market.

  • Net U.S. soybean export sales last week fell to 271,900 metric tons for shipment in the 2024-25 season, the U.S. Department of Agriculture said. That was in line with analysts' estimates for 200,000 to 600,000 tons. EXP/SOY

  • New-crop U.S. soybean export sales of 529,600 tons topped expectations for 150,000 to 400,000 tons in sales.

  • PepsiCo PEP.O said it was expanding use of avocado and olive oil across its brands, rather than the canola or soybean oil it uses.

  • New-crop CBOT November soybeans SX25 ended up 6 cents at $10.26-1/2 a bushel and hit the highest level since July 7.

  • CBOT August soyoil BOQ25 finished up 1.4 cents at 56.22 cents per pound and set a contract high of 56.43 cents.

  • CBOT August soymeal SMQ25 rose $0.30 to end at $268.70 per short ton, near a contract low of $264.50 set on Tuesday.

(Reporting by Tom Polansek; Editing by Sandra Maler)

((Thomas.Polansek@thomsonreuters.com))

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