CBOT soybean futures dip after most-active contract touches six-week high

CHICAGO, April 30 (Reuters) - Chicago Board of Trade most-active soybean futures Sv1 saw a choppy day of technical trading on Thursday, but ultimately ended the session lower after the most-active contract Sv1 touched the highest price seen in more than six weeks.

• While old-crop contracts ticked lower, new-crop contracts slightly firmed.

• CBOT July soybeans SN26 settled down 1-1/2 cents at $11.95-1/2 a bushel.

• CBOT July soyoil BON26 settled 0.42 cent higher at 74.54 cents per pound.

• July soymeal SMN26 ended $4.90 lower at $318.90 per short ton.

• Early planting of U.S. soybeans and corn has progressed well, and forecasts for drier weather in parts of the Midwest in coming days eased some market concerns that a spate of storms in the Midwest could delay seeding in some areas, market analysts said.

• Global oil prices LCOc1 jumped to a four-year high of more than $126 a barrel on Thursday on concerns that the Iran war could worsen and lead to a protracted Gulf supply disruption that could hurt global economic growth, but later retreated. O/R

• Higher crude oil prices have buoyed the soy complex, as soybeans are a common feedstock for biofuel.

• The U.S. Department of Agriculture reported net export sales of old-crop U.S. soybeans in the week ended April 23 at 258,100 metric tons, toward the low end of trade expectations for 200,000 to 600,000 tons.