CBOT soybeans end higher on technical bounce
CHICAGO, Aug 7 (Reuters) - Chicago Board of Trade soybean futures edged up from a four-month trough on Thursday as low prices stirred demand for the oilseed.
U.S. soybeans are now some of the cheapest in the world, sparking an uptick in global demand.
The U.S. Department of Agriculture reported total weekly net export sales of soybeans in the week ended July 31 at 1,012,800 metric tons.
That bolstered expectations that the recent price drop, coupled with weakness in the dollar, has made U.S. crops attractive for export.
Fund short covering also helped fuel price recovery, traders and analysts said.
Brazil's soybean area is set to expand in 2025/26 at its slowest pace in almost two decades, agribusiness consultancy Patria AgroNegocios said on Thursday, estimating the planted area in the season at 48.13 million hectares (118.9 million acres).
CBOT November soybeans SX25 settled 9-1/4 cents higher to $9.93-3/4 per bushel.
CBOT September soymeal SMU25 rose $3.50 to settle at $276.10 per short ton.
CBOT September soyoil BOU25 ended 0.22 cent lower to 53.5 cents per pound.
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