CBOT soybeans rise on uptick in soyoil prices, export demand
CHICAGO, Oct 31 (Reuters) -Chicago Board of Trade soybean futures rose on Thursday, buoyed by strong international demand and rising soyoil prices.
CBOT November soybeans SX24 settled up 6 cents to $9.82-1/2 per bushel.
CBOT December soymeal SMZ24 ended down $2.10 at $299.50 per short ton and December soyoil BOZ24 rose 1.33 cents to finish at 45.14 cents per pound.
An uptick in crude oil prices lifted soyoil futures as well as the rest of the soy complex.
Soyoil sometimes follows crude oil due to its role as a feedstock for biodiesel fuel.
The U.S. Department of Agriculture reported export sales of U.S. soybeans in the week ended Oct. 24 at 2,273,300 metric tons, in line with trade expectations for 1,600,000 to 2,800,000 tons. EXP/SOY
Separately, under its daily reporting rules, the USDA confirmed private sales of 150,000 metric tons of U.S. soymeal to undisclosed destinations for delivery in the 2024/25 marketing year that began Oct. 1.
Improved crop weather in top global soy producer Brazil limited rallies.
Reporting by Heather Schlitz; Editing by Rod Nickel
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