CBOT soybean up nearly 1% on US weather concerns.

The futures contracts of soybean on the CBOT traded nearly 1% higher mainly due to anticipation of poor weather in the US lowering yield of the oilseed. The most active November contract of soybean on the CBOT was at $9.44 per bushel, up 0.7% from the previous close. Crushing of US soybean will rise with a hike in import duty on bio-diesel, as soyoil–a derivative of soybean–is used in manufacturing of bio-diesel. Contracts gained also due to stronger-than-expected weekly US soybean export data.