CBOT soy ends higher as heat, dryness threaten Argentine crops

CHICAGO, March 4 (Reuters) - Chicago Board of Trade soybean futures closed firmer on Thursday on increasing concerns about unfavorable crop weather in South America, traders said. * The market pared gains in late trading and briefly traded lower amid strength in the U.S. dollar, which makes American farm products more expensive for buyers in other currencies, traders said. * The Buenos Aires Grains Exchange said it could cut its harvest forecast for Argentina's 2020/21 soy crop if it does not rain sufficiently in key producing areas over the weeks ahead. * Excessive rains in Brazil, the world's top soybean exporter, continue to delay soy harvesting, forecasters said. * The USDA in a weekly report said U.S. soybean export sales totaled 533,400 tonnes for the week ended on Feb. 25, within analysts' estimates for 100,000 to 800,000 tonnes. * Commodities trader Cargill Inc is expanding soybean processing capacity at two large Midwest crush plants and increasing efficiency at five other U.S. facilities to meet growing demand for food and fuel. * The most-active CBOT soybean contract ended up 3 cents at $14.10-1/2 a bushel, after reaching a session high of $14.38. Last week, the most-active contract traded up to $14.45-3/4 a bushel, the highest price since June 2014. (Reporting by Tom Polansek; Editing by Will Dunham)

© Copyright Thomson Reuters 2021. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

Agronomy Tip: Utilize Soil Temperature Probe

A soil temperature probe can be a great tool to help plan planting.

Talk in Marketing