Soybeans and soymeal rise on US crush data; wheat turns higher
U.S. soybean futures rose on Tuesday after a monthly industry report showed a smaller-than-expected soybean crushing pace in August. Soymeal futures surged 2%, and higher NYMEX crude oil prices supported soybeans and corn; wheat turned higher.
S. soybean futures rose on Tuesday, with soymeal up 2% after a monthly industry report showed August soybean crushing came in below expectations, analysts said. A jump in crude oil prices NYMEX:CL1! also supported soybeans and corn, which are used in some biofuel products.