CBOT soybeans rise on Brazil drought concerns
CHICAGO, Sept 18 (Reuters) -Chicago Board of Trade soybean futures climbed on Wednesday on a round of short covering sparked by concerns over hot and dry weather in top producer Brazil that may threaten soybean seeding, traders said.
CBOT November soybeans SX24 settled up 8 cents to $10.14 per bushel.
CBOT December soymeal SMZ24 ended down 10 cents at $321.40 per short ton, and December soyoil BOZ24 rose 0.43 cent to close at 40.31 cents per pound.
A delayed rainy season in Brazil has led to depleted moisture levels in swathes of the country, including Mato Grosso, one of Brazil's top soybean-growing states, an analyst note from Maxar said.
However, Brazilian statistics agency Conab on Tuesday still projected the country's 2024/25 soybean crop at 166.28 million metric tons, up 12.8% from the previous season.
Traders said the lack of rainfall will not become alarming unless the drought stretches into October, which could seriously delay soybean planting.
Traders are closely monitoring the progress of the U.S. harvest.
Reporting by Heather Schlitz; Editing by Will Dunham
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