CBOT soybeans end steady to firm on good US crop conditions, higher soyoil

CHICAGO, July 1 (Reuters) - Chicago Board of Trade soybean futures ended steady to slightly firmer on Tuesday as a jump in soybean oil prices underpinned the market and offset pressure from good U.S. crop conditions and lower corn futures, traders said.

• CBOT August soybeans SQ25 settled unchanged at $10.29-3/4 a bushel while the new-crop November contract SX25 ended up 1/4 cent at $10.27-1/4 a bushel.

• CBOT August soymeal SMQ25 fell to a contract low of $272.60 per short ton and ended down $2.10 at $273.70 per short ton.

• CBOT August soyoil BOQ25 finished up 1.01 cents at 53.66 cents per pound.

• The U.S. Department of Agriculture late on Monday said 66% of the nation's soybean crop was in good-to-excellent condition as of Sunday, unchanged from the previous week and in line with expectations. It was the second-best rating for this point of the season in five years, according to USDA data.

• Generally favorable U.S. crop conditions anchored the market, with warm temperatures and scattered rains in the near-term forecast.

• Ahead of monthly U.S. soy crushing data due from the USDA later on Tuesday, analysts surveyed by Reuters on average estimated that U.S. processors crushed 204.7 million bushels of soybeans in May, up 1.1% from April and up 6.8% from May 2024.

• The CBOT reported 503 deliveries on first notice day against the July SN25 futures contract, which expires on July 14. The exchange reported 642 deliveries against CBOT July soymeal SMN25 futures and seven deliveries against CBOT July BON25 soyoil futures. SOY/DEL MEAL/DEL SBO/DEL