CBOT soybeans firm on rising wheat, weather risks

Apr 23, 202419:07 UTC

Chicago Board of Trade soybean futures firmed on Tuesday following rising wheat markets, supported by short covering and technical buying with wet weather expected to slow Midwest planting over the next week.

CBOT July soybean futures (SN24) settled up 5-1/2 cents at $11.82 per bushel.
CBOT July soyoil (BON24) ended up 0.22 cent at 45.88 cents per pound and July soymeal (SNM24) finished up $1.30 at $346.10 per short ton.
Soy gained support from strong wheat futures and short covering ahead of the expiration dates for May futures contracts.
The U.S. Department of Agriculture (USDA) reported late Monday that 8% of the U.S. soybean crop was planted as of Sunday, ahead of expectations according to analysts polled by Reuters, who predicted 7% of the crop planted.
Wet weather in the central U.S. is expected to slow planting over the next week, but warm weather will boost soil temperatures, according to a Maxar forecast.