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332665

CBOT soybeans rise on U.S. crop concerns, export demand

CHICAGO, Aug 23 (Reuters) - Chicago Board of Trade soybean futures rallied on Tuesday, with concerns that hot and dry weather will limit harvest potential in western areas of the U.S. Midwest in focus. * Signs of strong export demand added support to the soybean market. * The Pro Farmer Midwest crop tour estimated the amount of soybean pods in a 3-by-3-foot square in South Dakota at an average of 871.40 pods, down from last year's average of 996.86 pods and the three-year average of 1,026.86 pods. * In Ohio, crop scouts calculated pod counts in soybean fields at 1,131.64, down from last year's average of 1,195.37 but above the three-year average. * The benchmark CBOT November soybean futures contract settled up 25-3/4 cents at $14.61 a bushel. * The contract rallied through technical resistance at its 100-day moving average. It also rose above the high end of its 20-day Bollinger range during the session but failed to hold support above that point. * CBOT December soymeal gained $11.80 to $427.20 a ton and CBOT December soyoil was 0.57 cent higher at 66.92 cents per lb. * Private exporters reported the sale of 110,000 tonnes of soybeans to China for delivery in the 2022/23 marketing year, USDA said on Tuesday morning. (Reporting by Mark Weinraub; Editing by Leslie Adler)

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