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US soyabean futures rose to their highest since July 22 on Friday, with the market underpinned by concerns domestic production will fall below expectations.

Analysts said early harvest reports from farmers were showing soyabean yields below expectations, and they were expected to dip even further when farmers begin combining in fields that were planted later in the spring.

Soyameal futures also rose. Soyaoil ended slightly lower after rallying sharply on Thursday.

Private analytics firm IEG Vantage lowered its forecast of average US 2019 soyabean yield to 46.5 bushels per acre from 48.4 bushels per acre last month and its production outlook to 3.513 billion bushels from 3.671 billion bushels. The US Agriculture Department will provide its latest forecast for the 2019 harvest on Thursday.

Copyright Reuters, 2019

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