CBOT soybeans end firm on spreads, export demand hopes
CHICAGO, March 10 (Reuters) - Chicago Board of Trade soybean futures settled higher on Tuesday, supported by intermarket spread trading and as investors hoped for a breakthrough in upcoming trade talks between the United States and top importer China.
Soybeans held gains despite tumbling crude oil prices and lower soyoil values.
Crude oil prices plunged by about 15% on Tuesday after soaring to their highest levels since 2022 in the previous session as U.S. President Donald Trump predicted the war with Iran could end soon. The war helped propel grain prices higher, partly due to investment flows from commodity funds and as crops like corn and soybeans are widely used for making biofuel. O/R
The U.S. Department of Agriculture left its U.S. soybean end-of-season supply outlook unchanged in a monthly report on Tuesday. The agency's global supply outlook declined slightly after it trimmed its forecast for Argentina's harvest but left its view unchanged for top producer Brazil.
CBOT May soybeans SK26 settled 5-1/2 cents higher at $12.01-3/4 per bushel after reaching the highest level for a most-active contract Sv1 since May 28, 2024, on Monday.
CBOT May soyoil BOK26 fell 0.48 cents to finish at 65.62 per pound. It was the market's second straight decline following 10 consecutive days of gains.
CBOT May soymeal SMK26 rose $1.00 to end at $314.50 per short ton.
