CBOT soybeans bounce from 3-1/2 week lows on technical buying
CHICAGO, Sept 4 (Reuters) - Chicago Board of Trade soybean futures staged a late-session technical-buying bounce on Thursday after sinking to 3-1/2 week lows on demand concerns as top importer China has yet to book any purchases from the upcoming harvest.
The USDA is due to release its weekly export sales report early on Friday. Analysts surveyed by Reuters expect net new-crop soybean sales in the week ended August 28 at 600,000 to 1.6 million metric tons. Total new-crop soybean sales to date are about 29% below the same time last year, according to USDA data.
Brazil soy exports were seen reaching 6.75 million metric tons in September, versus 5.16 million tons in the same period last year, Anec reported Thursday.
CBOT November soybeans SX25 settled 1-1/2 cents higher at $10.33 per bushel. The actively traded contract broke below chart support at its 50-, 100- and 200-day moving averages, but finished the day above key technical levels.
CBOT December soymeal SMv1 fell to its lowest point since August 7 but settled $1.20 higher at $283.70 per short ton.
CBOT December soyoil BOZ25 fell to the lowest level since June 13 and filled in a chart gap created when prices surged on bullish biofuels news. The contract ended up 0.09 cent at 51.93 cents per pound.
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