Soybeans gain ahead of heat wave

CHICAGO, Aug 24 (Reuters): Chicago Board of Trade soybeans rose on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heat wave that could threaten some crops in the US Midwest, traders said.

Most-active November soybeans ended up 11-1/2 cents to $9.73 per bushel and settled up for the week by 1.6 per cent.

CBOT most-active December soymeal settled up $0.4 to $304.5 per short ton.

CBOT most-active December soyoil increased by 1.4 cents to finish at 40.38 cents per pound.

After the market closed, the advisory service ProFarmer said the U.S. soybean harvest will be even bigger than the U.S. government's record forecast at 4.740 billion bushels, which would be about 6 per cent above the 2021 record.

The U.S. Department of Agriculture confirmed private sales of 120,000 metric tons of U.S. soybeans to undisclosed destinations for shipment in the 2024/25 marketing year. It was the fifth straight day with a daily USDA "flash sales" announcement.