CBOT soybeans extend rally on smaller US harvest outlook
CHICAGO, Aug 13 (Reuters) - Chicago Board of Trade soybean futures rose for a third straight session on Wednesday, supported by tighter expected supplies after the U.S. Department of Agriculture cut its harvest outlook a day earlier.
The USDA on Tuesday projected the average U.S. soybean yield at a record high this autumn, but sharply cut harvested acres, resulting in a much smaller-than-expected harvest outlook this year.
The USDA is due to release weekly export sales data early on Thursday. Analysts polled by Reuters expect net soybean sales in the week ended August 7 at 200,000 to 700,000 metric tons for the 2024/25 crop year and sales of 400,000 to 900,000 tons for 2025/26.
CBOT November soybeans SX25 settled 11-1/2 cents higher at $10.44-1/4 per bushel. The actively traded contract, after breaking through technical resistance at key moving averages on Tuesday, filled a chart gap around $10.44 and reached its highest since July 3.
CBOT September soymeal SMU25 rose $5.60 to settle at $287.00 per short ton.
CBOT September soyoil BOU25 gained 0.15 cent to close at 53.39 cents per pound.
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