CBOT soybeans rally on China-Canada canola fight, export demand
CHICAGO, Sept 3 (Reuters) -Chicago Board of Trade soybean futures Sv1 reached close to a four-week high on Tuesday, bolstered by export demand and news that China plans to launch an anti-dumping investigation into imports of Canadian canola, traders said.
Market participants saw the news as an indication that China may seek other oilseed options, such as soybeans and rapeseed, traders said.
CBOT most-active November soybeans SX24 settled up 12 cents at $10.12 per bushel.
During the session, the most active soybean futures on a continuous contract Sv1 rose to $10.24-1/2 a bushel, the highest price since Aug. 7.
CBOT most-active December soymeal SMZ24 settled up $7.80 at $320.80 per short ton.
CBOT most-active December soyoil BOZ24 ended 1.03 cents lower to finish at 40.98 cents per pound.
China's rapeseed meal futures on the Zhengzhou Commodity Exchange CRSMcv1 jumped 6% following the announcement, hitting its highest level since Aug. 6.
Condition ratings for U.S. soybean crops likely declined a bit in the last week as dry conditions expanded in portions of the Midwest crop belt, according to the average estimates of 10 analysts surveyed on Tuesday.
The U.S. Department of Agriculture on Tuesday reported U.S. weekly export inspections of 496,860 metric tons of soybeans for the week ended Aug. 29, coming in at the high end of analyst expectations.
The USDA on Tuesday confirmed private sales of 132,000 metric tons of U.S. soybeans to China for delivery in the 2024-2025 marketing year that begins Sept. 1 - the third soybean sale to top buyer China in the past week.
Dry weather could cause Brazilian farmers difficulties with soy planting, StoneX said on Monday.
Stubbornly dry weather continues to linger over 20%-25% of the U.S. soy crop, mainly in the Ohio Valley and far northwest U.S. Midwest areas, Commodity Weather Group said on Tuesday.
Reporting by P.J. Huffstutter; Editing by Paul Simao
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