CBOT soybeans stronger on forecasts of hot weather
CHICAGO, July 5 (Reuters) -Chicago Board of Trade soybean futures strengthened on Friday as concerns rose over forecasts of hot weather across the U.S. Midwest and technical trading during a low-volume day, traders said.
Forecasts for hot, dry weather in July are bolstering concerns over the soy crop during a crucial phase of pollination, traders said.
USDA reported weekly old-crop U.S. soy export sales of 228,400 metric tons, within analyst estimates for 200,000 to 600,000 tons.
Traders covered short positions between the market closure for the U.S. Independence Day holiday and ahead of the weekend.
Trade volume was low as many industry players took Friday off to enjoy a four-day weekend.
August soybeans SQ24 ended up 8-1/2 cents at $11.66-1/4 a bushel.
Most-active November soybeans SX24 ended up 8-1/4 cents at $11.29-3/4 a bushel.
CBOT December soymeal SMZ24 closed $3.30 higher at $332.50 per short ton.
CBOT August soyoil BOQ24 finished 0.91 cents higher at $49.55 per pound.
Reporting by Heather Schlitz; Editing by David Gregorio
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