CBOT soy rises on lingering concerns over Argentina crop weather
Feb 20 (Reuters) - Chicago Board of Trade soybean futures closed higher on Thursday amid lingering concerns about unfavorable crop weather in Argentina, analysts said.
The International Grains Council lowered its 2024/25 global soybean production estimate by 2 million tons to 418 million, reflecting reduced expectations for Argentina and Paraguay.
Heat is returning to Argentina's grains belt, according to the Buenos Aires Grains Exchange, after hot and dry conditions hurt crops in January. The nation is the world's leading exporter of processed soybeans.
In the U.S., farmers are expected to reduce soy plantings to 84 million acres this spring, down 3.6% from a year ago, agricultural lender CoBank said.
Short covering and the unwinding of intermarket spreads helped support soy futures, a broker added.
CBOT March soybeans SH25 closed 13-3/4 cents higher at $10.45-1/2 per bushel.
CBOT March soymeal SMH25 ended up $1.30 at $296 per short ton, and March soyoil BOH25 advanced 0.96 cent to 47.26 cents per pound.
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