Chicago Board of Trade Soybean futures closed higher on Monday as flooding in top exporter Brazil continued to fuel worries about crop losses, analysts said.
Concerns about poor crop weather in the Black Sea region and delays to U.S. plantings also supported agricultural futures.
Frosts across Ukraine’s northern and eastern regions could reduce this year’s grain and oilseed harvests, analyst APK-Inform said.
Analysts on average estimate the U.S. Department of Agriculture on Monday will report U.S. soy plantings as 49% complete, up from 35% a week ago.
Wet weather has slowed U.S. plantings, though some farmers were able to make progress between showers last week, particularly on soybeans.
China’s soybean imports from the United States in the first four months of the year were down 40% from a year earlier, while China bought more from Brazil, Chinese customs data showed.
In Argentina, a mix of poor weather and low prices have led to the country’s slowest soy sales in a decade.
CBOT July soybean futures SN24 closed 20 cents stronger at $12.48 per bushel.
CBOT July soyoil BON24 ended up 1.05 cents at 46.32 cents per pound and reached its highest price since April 15.
CBOT July soymeal SMN24 closed $5.3 higher at $374.10 per short ton.