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Reuters
CBOT soybeans end slightly higher on concerns over Brazil flooding
CHICAGO, May 13 (Reuters) –Chicago Board of Trade (CBOT) soybean futures ended slightlyhigher on Monday, as worries about flood damage to southern Brazil’s crop supported the market, analysts said.
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CBOT July soybean futures SN24 settled 1/2 cent higher at $12.19-1/2 per bushel.
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CBOT July soyoil BON24 ended up 0.71 cents at 45.15 cents per pound, while CBOT July soymeal SMN24 settled $5.40 lower at $366.50 per short ton.
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Agriculture consultancy Pátria Agronegócios estimated Brazil’s 2023/2024 soybean crop at 142.82 million tons, down from 143.18 million tons in a previous forecast. Soybean losses related to recent floods in southern Brazil are estimated at 2.4 million tons, according to the firm.
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The U.S. Department of Agriculture reported export inspections of U.S. soybeans in the latest week at 406,052 tons, slightly above trade expectations for 200,000-400,000 tons.
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Ahead of the USDA’s weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report U.S. soybean planting progress at 39%, up from 25% a week ago.
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Talk that the Biden administration may add tariffs to imports of Chinese used cooking oil led to some short covering, according to analysts.
Reporting by Renee Hickman in Chicago; Editing by David Gregorio
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