CBOT soybeans edge upwards on demand uptick and short covering
CHICAGO, Aug 21 (Reuters) -Chicago Board of Trade soybeans Sv1 rose on Wednesday as the U.S. Department of Agriculture reported a third day of soybean sales to China in a row and the market showed signs of short covering, traders said.
Most-active November soybeans SX24 ended up 5-1/2 cents at $9.81-1/2 per bushel.
CBOT most-active December soymeal SMZ24 settled up $0.40 at $308.70 per short ton.
CBOT most-active December soyoil BOZ24 rose 0.38 cent to finish at $39.58 cents per pound
The USDA confirmed private sales of 132,000 metric tons of U.S. soybeans to China and 121,000 tons to undisclosed destinations for shipment in the 2024/25 marketing year.
Scouts on the Pro Farmer Midwest crop tour estimated above-average soy pod counts in Nebraska, although the figures were short of some lofty estimates. Meanwhile, Indiana's pod count was the largest in 22 years.
Hedge funds may be exiting their large short positions as prices appear to bottom out, traders said.
Reporting by Heather Schlitz; Editing by Sandra Maler
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