CBOT soybeans surge on technical trading, bargain buying
CHICAGO, Aug 21 (Reuters) - Chicago Board of Trade soybean futures surged on Thursday on short covering and bargain buying after prices sank low enough to attract buying interest, though supply pressure from favorable U.S. crop conditions continues to loom over the market, analysts said.
Markets were awaiting a demand update from weekly U.S. export sales later on Thursday and further results from Pro Farmer's annual crop tour through the U.S. Midwest.
Crop scouts on the annual Pro Farmer Midwest crop tour found above-average soy production potential in Illinois and western Iowa on Wednesday.
Traders are awaiting further reports from day 4 of the tour, with scouts surveying fields in eastern Iowa and Minnesota. Pro Farmer will release its final crop outlook on Friday, drawing from tour observations.
The USDA reported net new-crop U.S. soybean export sales at 2,047,800 metric tons in the week ended August 14, above trade estimates for 400,000 to 1,000,000 tons.
CBOT November soybeans SX25 settled 20 cents higher at $10.56 per bushel.
CBOT December soymeal SMZ25 fell $3 to $294.20 per short ton.
CBOT December soyoil BOZ25 rose 2.42 cents to settle at 53.87 cents per pound.
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