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CBOT soybeans turn higher on short covering

ReutersDec 24, 2024 7:45 PM

- Chicago Board of Trade soybean futures strengthened on Tuesday on short covering after hitting four-year lows last week and traders positioned ahead of the Christmas holiday, according to analysts.

  • Most-active March soybeans SH25 settled up 5-3/4 cents at $9.81-1/4 a bushel.

  • CBOT most-active March soymeal SMH25 settled up $3.60 to $301.60 per short ton.

  • CBOT most-active March soyoil BOH25 ended up 0.36 cent at 40.30 cents per pound.

  • Soy futures came under pressure with regular showers benefiting the oilseed in leading supplier Brazil, which expects a record-large crop. But, those expectations have already been priced into the market, according to analysts.

(Reporting by Renee Hickman in Chicago)

((renee.hickman@thomsonreuters.com))

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