Soybeans rise on U.S. weather, crude oil prices

CHICAGO, July 22 (Reuters) - Chicago Board of Trade soybean futures climbed on Wednesday as dry hot weather threatened growing regions and crude oil prices spiked.

  • Most-active CBOT November soybeans SX26 ended up 16-1/4 cents at $12.39 per bushel.

  • CBOT August soyoil BOQ6 settled up 1.18 cents to 75.48 cents per pound.

  • CBOT August soymeal SMQ26 ended $4.90 higher at $331.60 per short ton.

  • Rising crude oil prices underpinned futures because of the use of soy as a feedstock for biofuel.

  • Oil prices were approaching a six-week high on Wednesday on mounting supply concerns as hostilities continued escalating between the U.S. and Iran, while threats to shipping by the Iran-backed Houthi militia in Yemen further boosted prices.

  • Hot weather expected to return to parts of the U.S. Midwest is likely to stress the crop, according to analysts.


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