CBOT soybeans end mixed; nearby July bounces from 18-month low
CHICAGO, May 31 (Reuters) -Chicago Board of Trade soybean futures closed mixed on Wednesday, with the benchmark July contract ending higher on a short-covering bounce after falling to a nearly 18-month low, while back months finished lower.
Deferred soybean contracts declined on worries about slowing demand for commodities, especially from top global soy buyer China. Data showed that manufacturing activity in China contracted faster than expected in May.
Bargain-buying and worries about dry conditions in parts of the U.S. crop belt underpinned values.
CBOT July soybeans SN3 settled up 3-1/4 cents at $12.99-3/4 per bushel, bouncing after a plunge to $12.70-3/4, the lowest on a continuous chart of the most-active soybean contract Sv1 since mid-December 2021.
New-crop November soybeans SX3 ended down 6-3/4 cents at $11.46-1/2 a bushel.
CBOT July soymeal SMN3 ended up 80 cents at $393.40 per short ton while July soyoil BON3 finished unchanged at 46.20 cents per pound, recovering after falling to a life-of-contract low at 44.53 cents.
Top global soy supplier Brazil is exporting 178,800 tonnes of soybeans to buyers in the United States, the No. 2 soy exporter, shipping data seen by Reuters showed, reflecting bargain prices for Brazilian soy.
Ahead of monthly data due from the U.S. Department of Agriculture on Thursday, analysts surveyed by Reuters on average expected the government to report that U.S. crushers processed 184.8 million bushels of soybeans in April, down from 197.9 million bushels in March.
The USDA on Tuesday said the U.S. soybean crop was 83% planted, well ahead of the five-year average of 65%. The USDA expects to release its first crop condition ratings for the 2023 soybean crop in next week's crop progress report.
Reporting by Julie Ingwersen in Chicago
Editing by Matthew Lewis
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