CBOT soybeans end higher after USDA forecasts huge US crop

Chicago Board of Trade (CBOT) soybeans turned higher Friday, following corn futures up, after the U.S. Department of Agriculture said U.S. farmers are expected to produce their second biggest soybean harvest ever this year.

• Forecasts for abundant supplies of soybeans and corn are keeping U.S. crop prices near three-year lows, despite some production losses in South America due to extreme weather.

• Soybean ending stocks for 2024/25 were projected at a five-year high of 445 million bushels, up from 340 million estimated for 2023/24.

• Analysts had been expecting the report to show soybean ending stocks at 431 million, according to a Reuters poll.

• CBOT July soybean futures (SN24) settled 10-1/2 cents higher at $12.19 per bushel. The contract also marked its third straight weekly advance.

• CBOT July soyoil (BON24) ended up 1.8 cents at 44.44 cents per pound, while CBOT July soymeal (SMN24) settled $1.00 lower at $371.90 per short ton.

• Bunge has temporarily suspended activities at its soybean crushing unit and port terminal in the city of Rio Grande, a statement sent to Reuters on Friday said.

• Devastating floods that hit Brazil's Rio Grande do Sul state should cause farmers to lose an estimated 1.32 million metric tons of soybeans, AgResource said.

• A nationwide oilseed worker strike in Argentina has idled grain ports and crushing plants.