CBOT soybeans gain on strong crude oil prices

CHICAGO, April 29 (Reuters) - Chicago Board of Trade most-active soybean futures Sv1 gained on Wednesday on support from rising crude oil prices linked to the Iran war and an uptick in demand as a result of stronger soybean crush margins.

  • Higher crude oil prices have buoyed the soy complex, as soybeans are a common feedstock for biofuel.

  • Oil prices rose more than 6% on Wednesday to the highest in nearly a month, as deadlocked U.S.-Iran negotiations made investors more concerned about prolonged disruptions to Middle Eastern supply. O/R

  • Early U.S. soybean and corn planting has been progressing well, although storms expected in the U.S. Midwest could delay seeding in some areas.

  • In Brazil, soybean exports were seen reaching 15.87 million tons in April, down slightly from the previous week's estimate of 16.39 million tons, according to ANEC.

  • CBOT July soybeans SN26 settled 7-3/4 cents higher at $11.97 per bushel.

  • CBOT July soyoil BON26 settled 1.60 cents higher at 74.12 cents per pound.

  • July soymeal SMN26 ended $3.60 lower at $323.80 per short ton.


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