CBOT soybeans climb as soymeal surges on short-covering, weather

ReutersDec 26, 2024 8:21 PM

CHICAGO, Dec 26 (Reuters) - Chicago Board of Trade soybean futures rose more than 1% on Thursday and soymeal futures touched a two-month high as worries about dry weather in parts of Argentina prompted speculators to exit short positions, traders said.

CBOT most-active March soybeans SH25 settled up 16 cents, or 1.6%, at $9.97-1/4 per bushel.
CBOT March soymeal SMH25 ended up $13.30, or 4.4%, at $314.90 per short ton after rising to $315.40, its highest level since Oct. 24.
Outlooks for stressful dry weather for crops in Argentina, the world's biggest exporter of soymeal and soyoil, lent support, analysts said.
Commodity funds held a record-large net short position in soymeal futures as of mid-December, leaving the market prone to short-covering rallies as speculators book profits ahead of the year's end.
CBOT soyoil bucked the firm trend and fell 0.42 cent, or 1%, to finish at 39.88 cents per pound after hitting its lowest level since mid-September.
On other global vegetable oil markets, Malaysian palm oil futures declined, driven lower by heavy selling and weakness in palm olein on China's Dalian market. POI/
Ahead of the U.S. Department of Agriculture's weekly export sales report, delayed until Friday due to Wednesday's holiday, traders expect the government to report U.S. soybean sales in the week ended Dec. 19 at 1.0 million to 1.8 million metric tons.