CBOT soybeans climb as soymeal futures set life-of-contract highs

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CHICAGO, Feb 2 (Reuters) -Chicago Board of Trade soybean futures rose on Thursday as uncertainty about crop prospects in Argentina lifted soymeal futures to life-of-contract highs, traders said.

  • CBOT March soybean futures SH3 settled up 14 cents at $15.34-1/4 per bushel, but stayed inside of Wednesday's trading range.

  • CBOT March soymeal SMH3 ended up $7.10 at $491.80 per short ton, after setting a contract high at $493.60. The May SMK3 and July SMN3 soymeal contracts also set contract highs.

  • CBOT March soyoil BOH3 ended up 0.15 cent at 60.94 cents per pound.

  • Traders continue to monitor crop weather in South America. Much-needed rains fell in portions of Argentina's crop belt over the past week, but forecasts called for a return to hot and dry conditions in the coming days. Argentina is the world's top exporter of soymeal and soyoil.

  • The U.S. Department of Agriculture reported export sales of U.S. soybeans in the week ended Jan. 26 at 927,900 tonnes (old and new crop years combined), in line with trade expectations for 700,000 to 1.6 million tonnes. EXP/SOY

  • Soymeal export sales for the week totaled 169,600 tonnes (old and new crop years combined), below trade expectations for 200,000 to 475,000 tonnes. EXP/MEAL

  • Abiove, a Brazilian soy crushers' group, left its estimate of Brazil's 2022/23 soybean harvest unchanged at 152.6 million tonnes.

  • Traders await direction from the USDA's next monthly world agricultural supply/demand report due on Feb. 8.

Reporting by Julie Ingwersen; Editing by Will Dunham


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