CBOT soybeans extend gains on technical buying, soyoil rallies
CHICAGO, July 17 (Reuters) - Chicago Board of Trade soybean futures finished higher on Thursday, extending gains on technical buying after the most-active contract Sv1 hit a three-month low on Monday, analysts said.
Strong gains in CBOT soyoil helped support soybeans, traders said.
Expectations for a large U.S. soybean harvest continued to hang over the market.
Net U.S. soybean export sales last week fell to 271,900 metric tons for shipment in the 2024-25 season, the U.S. Department of Agriculture said. That was in line with analysts' estimates for 200,000 to 600,000 tons. EXP/SOY
New-crop U.S. soybean export sales of 529,600 tons topped expectations for 150,000 to 400,000 tons in sales.
PepsiCo PEP.O said it was expanding use of avocado and olive oil across its brands, rather than the canola or soybean oil it uses.
New-crop CBOT November soybeans SX25 ended up 6 cents at $10.26-1/2 a bushel and hit the highest level since July 7.
CBOT August soyoil BOQ25 finished up 1.4 cents at 56.22 cents per pound and set a contract high of 56.43 cents.
CBOT August soymeal SMQ25 rose $0.30 to end at $268.70 per short ton, near a contract low of $264.50 set on Tuesday.
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