CBOT soybeans rise on lower US yield projections, trade hopes

CHICAGO, Oct 8 (Reuters) - Chicago Board of Trade soybean futures gained on Wednesday on talk of lower U.S. harvest yields and hopes for a farmer aid package and a breakthrough in U.S.-China trade talks, analysts said.

• CBOT November soybeans SX25 settled 7-1/2 cents higher at $10.29-1/2 per bushel. The contract breached chart resistance at its 20- and 50-day moving averages but struggled to break through resistance at its 100- and 200-day averages.

• CBOT December soymeal SMZ25 was $1.10 higher at $278.00 per short ton while December soyoil BOZ25 gained 0.44 cent to end at 51.48 cents per pound.

• Active harvesting around the U.S. Midwest under mostly favorable weather was expected to produce a bumper crop, although yields were expected to be smaller than the latest U.S. Department of Agriculture forecast.

• The USDA is not expected to release its monthly supply and demand report and its weekly export sales report on Thursday due to a government shutdown.

• Farmer harvest time sales have been lighter than normal due to low prices and hopes that upcoming U.S.-China trade talks would revive demand from the world's top importer, traders said.

• The Trump administration is expected to announce a plan this week to bail out U.S. farmers stung by trade disputes and big harvests, with the initial outlay potentially totaling up to $15 billion, according to sources.

• Brazil's soybean exports are expected to reach 102.2 million tons through end-October, surpassing annual volumes for the whole of 2024 and 2023, reflecting the absence of U.S. competitors serving Chinese importers, grain exporter group Anec data showed on Wednesday.

• Traders are monitoring labor tensions in Argentina as workers at the country's soy crush plants sought to strike this week over wages.