CBOT soybeans hit one-month high on bigger-than-exected US crop cut
CHICAGO, Nov 8 (Reuters) -Chicago Board of Trade soybean futures set a one-month high on Friday as the U.S. Department of Agriculture made a bigger-than-expected cut to the nation's harvest estimate.
USDA estimated soy production at 4.461 billion bushels, with an average yield of 51.7 bushels per acre (bpa), down from its October estimates of 4.582 billion bushels with yields at 53.1 bpa.
"It was a market changer," said Charlie Sernatinger, head of grains for Marex.
Analysts had expected USDA to report output at 4.557 billion bushels, with an average yield of 52.8 bushels per acre, according to a Reuters poll.
USDA pegged 2024-25 U.S. soybean ending stocks at 470 million bushels, below its October estimates for 550 million and analysts' estimates for 532 million. End-of-season inventories are still projected to reach a five-year high.
CBOT January soybeans SF25 finished up 4 cents at $10.26-1/4 per bushel. The market pared gains after reaching its highest price since Oct. 4 in the most-active contract Sv1.
CBOT December soyoil BOZ24 rose 0.45 cent to 48.77 cents per pound and touched a seven-month high.
CBOT December soymeal SMZ24 fell $2.30 to close at $296.20 per short ton.
Reporting by Tom Polansek; Editing by Mohammed Safi Shamsi
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