CBOT soybeans end higher, buoyed by higher crude oil
CHICAGO, June 3 (Reuters) - Chicago Board of Trade soybean futures rose on Tuesday, rallying from a seven-week low struck a day earlier, as strong crude oil prices lifted soyoil futures and traders weighed expectations that the leaders of United States and top global soy buyer China will speak this week, traders said.
CBOT July soybeans SN25 settled up 7-1/4 cents at $10.40-3/4 per bushel.
CBOT July soymeal SMN25 ended up 60 cents at $294.50 per short ton and July soyoil BON25 rose 0.53 cent to finish at 46.81 cents per pound.
U.S. crude oil prices CLc1 were up about 1.5%, lifting the CBOT soy complex as well as corn, given both crops' role in production of biofuels. Energy traders cited geopolitical tensions between Russia and Ukraine as well as the U.S. and Iran. O/R
President Donald Trump and Chinese leader Xi Jinping will likely speak this week, the White House said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions.
The U.S. Department of Agriculture on Monday rated 67% of U.S. soybeans in good to excellent condition in its initial ratings of the 2025 soy crop. Planting was 84% complete, ahead of the five-year average of 80%.
U.S. crop weather was generally favorable, bolstering early production prospects as farmers finished up seeding. Rains were crossing portions of eastern Kansas, Nebraska, Iowa, Minnesota and Wisconsin on Tuesday.
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