CBOT soybeans near seven-week high on supply uncertainty
CHICAGO, Sept 23 (Reuters) -Chicago Board of Trade soybean futures rose to their highest in nearly seven weeks on Monday as uncertainty about Brazilian planting weather and the size of the U.S. harvest sparked a round of fund-driven short-covering, traders said.
CBOT November soybeans SX24 settled up 27-1/4 cents at $10.39-1/4 per bushel after rising to $10.41-3/4, the contract's highest since Aug. 6.
The rally helped spur soybean sales by farmers, brokers said.
CBOT December soymeal SMZ24 ended up $9.20 at $328.70 per short ton and December soyoil BOZ24 rose 0.48 cent at 41.84 cents per pound.
Commodity funds hold a sizable net short position in CBOT corn and soybean futures, leaving the market open to short-covering rallies, particularly as the end of the month and the quarter approaches.
Market players await more results from the ongoing U.S. soy harvest to determine whether a dry finish to the Midwest growing season hurt yields. The USDA this month kept its national soybean yield estimate unchanged at a record-high 53.2 bushels per acre.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to show the U.S. soybean harvest as 13% complete and the corn harvest as 17% complete.
Under its daily reporting rules, the USDA confirmed private sales of 165,000 metric tons of U.S. soybeans to undisclosed destinations.
The USDA reported export inspections of U.S. soybeans in the latest week at 485,216 metric tons, in line with trade expectations for 350,000 to 650,000 tons. USDA/I
In Brazil, dry weather is delaying the start of seeding. Soybean planting was 0.9% complete by last Thursday, consultancy AgRural said, below last year's 1.9%.
Reporting by Julie Ingwersen; Editing by Mohammed Safi Shamsi
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