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CBOT soybeans end slightly higher on concerns over Brazil flooding

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CHICAGO, May 13 (Reuters) -Chicago Board of Trade (CBOT) soybean futures ended slightlyhigher on Monday, as worries about flood damage to southern Brazil's crop supported the market, analysts said.

  • CBOT July soybean futures SN24 settled 1/2 cent higher at $12.19-1/2 per bushel.

  • CBOT July soyoil BON24 ended up 0.71 cents at 45.15 cents per pound, while CBOT July soymeal SMN24 settled $5.40 lower at $366.50 per short ton.

  • Agriculture consultancy Pátria Agronegócios estimated Brazil's 2023/2024 soybean crop at 142.82 million tons, down from 143.18 million tons in a previous forecast. Soybean losses related to recent floods in southern Brazil are estimated at 2.4 million tons, according to the firm.

  • The U.S. Department of Agriculture reported export inspections of U.S. soybeans in the latest week at 406,052 tons, slightly above trade expectations for 200,000-400,000 tons.

  • Ahead of the USDA’s weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report U.S. soybean planting progress at 39%, up from 25% a week ago.

  • Talk that the Biden administration may add tariffs to imports of Chinese used cooking oil led to some short covering, according to analysts.

Reporting by Renee Hickman in Chicago; Editing by David Gregorio


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