CBOT soybean prices rise on unexpectedly strong export sales in United States

Chicago soybeans rose Thursday on short covering and rising export demand, although expectations of a bumper U.S. crop capped gains, traders said. The most-active CBOT November soybean futures contract rose 15.5 cents to settle at $9.92.5 a bushel. The most-active CBOT December soybean meal futures contract rose $2.60 to settle at $310.90 a short ton. The most-active CBOT December soybean oil futures contract rose 1.41 cents to settle at 42.13 cents a pound. The U.S. Department of Agriculture reported that U.S. export sales of 2024/25 soybeans totaled 2,615,800 mt for the week ending Aug. 22, above the 1,500,000-2,500,000 mt trade expectations range. Market participants had expressed concern that recent hot and dry weather in the Midwest would impact the soybean crop, but forecasts for milder weather have allayed those concerns, traders said. It remains uncertain whether the soybean crop will reach its full potential, which is expected to be a record, but rainfall has eased ...