CBOT soybeans lift on short covering ahead of heat wave
CHICAGO, Aug 23 (Reuters) -Chicago Board of Trade soybeans Sv1 rose on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heat wave that could threaten some crops in the U.S. Midwest, traders said.
Most-active November soybeans SX24 ended up 11-1/2 cents to $9.73 per bushel and settled up for the week by 1.6%.
CBOT most-active December soymeal SMZ24 settled up $0.4 to $304.5 per short ton.
CBOT most-active December soyoil BOZ24 increased by 1.4 cents to finish at 40.38 cents per pound.
After the market closed, the advisory service ProFarmer said the U.S. soybean harvest will be even bigger than the U.S. government's record forecast at 4.740 billion bushels, which would be about 6% above the 2021 record.
The U.S. Department of Agriculture confirmed private sales of 120,000 metric tons of U.S. soybeans to undisclosed destinations for shipment in the 2024/25 marketing year. It was the fifth straight day with a daily USDA "flash sales" announcement.
Forecasts predict a short wave of 90-degree Fahrenheit (30-degree Celsius) weather will move into the Midwest in the next week, which could threaten crops and may be adding support to soy futures, traders said.
Reporting by Heather Schlitz; Editing by Josie Kao
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