CBOT soybeans rise on renewed Chinese buying, fewer US acres
CHICAGO, July 1 (Reuters) -Chicago Board of Trade (CBOT) most active soybean Sv1 futures rose on Monday as traders and analysts said top importer Chinais likely to import recordvolumes of soybeans in July.
China has booked higher volumes in recent weeks, traders and analysts said, drawn by lower prices and the prospect of Donald Trump returning as president and reigniting trade tensions between Beijing and the U.S., they said.
U.S. farmers planted 86.1 million acres of soybeans, the USDA said on Friday,down from its March estimate of 86.5 million. Analysts expected 86.8 million acres of soybeans.
Traders are awaiting the results of the U.S. Department of Agriculture's crop progress report, which will be released after the session's close on Monday.
CBOT November soybeans SX24 ended up 7 cents at $11.11 a bushel.
CBOT December soymeal SMZ24 closed $2.90 lower at $332.60 per short ton.
CBOT August soyoil BOQ24 finished 1.96 cents higher at $46.03 per pound.
Reporting by Heather Schlitz; Editing by Aurora Ellis
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