CBOT soybeans end mixed as soyoil climbs, shaking off crude oil weakness
CHICAGO, May 27 (Reuters) - Chicago Board of Trade soybean futures closed narrowly mixed on Wednesday as strength in soyoil 0#BO: futures offset pressure from a favorable start to the U.S. growing season, brokers said.
Soybean futures also drew support from inter-market spreading against corn.
CBOT July soybeans SN26 settled down 3/4 cent, or 0.06%, at $11.85-1/4 per bushel while the new-crop November contract SX26 ended up 1-1/4 cents, or 0.1%, at $11.81-1/2.
Traders noted that the premium for July soybean futures SN26 over new-crop November futures SX26 has eroded to about 4 cents a bushel from a peak of 76 cents in mid-March, a sign of cooling demand for soybeans in the cash market.
CBOT July soyoil BON26 ended Wednesday up 0.90 cent, or 1.2%, at 75.26 cents per pound.
Soyoil futures shrugged off a 5% slide in crude oil CLc1 futures as energy traders awaited updates on a framework of a deal between the United States and Iran on reopening the Strait of Hormuz. O/R
CBOT July soymeal SMN26 rose $2, or 0.6%, to end at $330.60 per short ton.
In Argentina, the world's top supplier of soy products, government authorities ordered a halt to a national strike by oilseed workers just hours after it began, forcing unions and exporters into talks to resolve a wage dispute.
Meanwhile, the U.S. Department of Agriculture on Tuesday said the U.S. soybean crop was 79% planted, ahead of the five-year average of 68%. The USDA planned to release its first condition ratings for the crop in next week's progress report.
