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331973

CBOT soybeans rise on crop condition worries

CHICAGO, Aug 9 (Reuters) - Chicago Board of Trade soybean futures rallied on Tuesday on worsening U.S. crop ratings and concern about further erosion of harvest prospects as hot weather was forecast for dry areas of the western Midwest. * A firmer Brazilian real also underpinned soybean futures as the currency move could serve to steer more global demand to the United States. * CBOT November soybean futures settled up 28-3/4 cents at $14.28-3/4 a bushel. * CBOT December soymeal was $11.10 higher at $410.20 a ton and CBOT December soyoil gained 0.30 cent to 64.62 cents per lb. * The U.S. Department of Agriculture (USDA) said the soy crop was rated 59% good to excellent, down 1 percentage point from a week ago and in line with market forecasts. * Above-normal temperatures are forecast for dry areas of the western Corn Belt this week, elevating risks that crop conditions may worsen. Much of the soybean crop is in its critical pod setting and filling stage of development. * Traders are positioning ahead of the USDA's monthly supply-and-demand report due on Friday. The agency may update some acreage data following a resurvey of plantings in Minnesota and the Dakotas. (Reporting by Karl Plume in Chicago Editing by Matthew Lewis)

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