Most-active CBOT soybeans touch two-week high on U.S. weather outlooks
CHICAGO, July 23 (Reuters) -Chicago Board of Trade soybean futures ended mostly higher on Tuesday, with the most-active contract Sv1 reaching a two-week high, on short-covering and possible risk premiums from warming U.S. weather outlooks, market analysts said.
But the nearby soybean futures contract turned lower late in the session: CBOT August soybeans SQ24 settled down 1/4 cent at $11.17-1/2 per bushel.
Most-active November soybeans SX24 ended up 6-3/4 cents at $10.75-1/2 a bushel.
The most-active soybean contract Sv1 reached a high of $10.86-3/4 a bushel, the highest price seen since July 9.
CBOT August soymeal SMQ24 ended down $0.90 at $342.70 per short ton, while December soymeal SMZ24 closed down $0.30 at $319.10 per short ton.
CBOT soyoil futures ended the day mixed. CBOT August soyoil BOQ24 fell 0.34 cent to finish at 46.66 cents per pound, while December soyoil BOZ24 settled up 0.28 cent at 45.13 cents per pound.
Crop ratings were little changed on the week and remain above the five-year averages giving trade the indication that yield potential remains high.
But long-range U.S. Midwest forecasts are starting to turn warmer, making traders who hold weak short positions somewhat nervous that such weather could impact pod fill later this summer.
Late Monday, USDA reported that 68% of the U.S. soybean crop was in good-to-excellent condition, steady from a week earlier. It also was within trade expectations, according to a Reuters analyst poll.
Reporting by P.J. Huffstutter; Editing by Leslie Adler
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