Mumbai, May 1 (Commodities Control): The Chicago Board of Trade (CBOT) soybean futures faced a downturn, primarily driven by the downward trend in soyoil prices amid subdued demand and significant deliveries against the May futures contract. CBOT July soybean futures concluded down by 19 cents, settling at $11.63 per bushel.
The soyoil market observed contract lows across multiple contracts, with CBOT July soy oil settling at 43.01 cents per pound, down by 1.36 cents, while CBOT July soymeal settled at $351.9 per short ton, marking a decline of $2.4.
In South America, soy oil from Argentina saw trading at a basis of -570 (sellers) and -600 (buyers), with FOB values standing at $858.93 (sellers) and $845.70 (buyers).
Similarly, soyoil from Brazil experienced trading at a basis of -390 (sellers) and -600 (buyers), with FOB values noted at $898.62 (sellers) and $858.32 (buyers).
The palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange also registered a notable downturn, closing 2.58% lower at 3,814 ringgit ($799.58), marking the lowest settlement since February 22nd.
Internationally, Dalian's most-active soy oil contract incurred a loss of 0.13%, while its palm oil counterpart slipped by 1.08%. Meanwhile, soy oil prices on the Chicago Board of Trade witnessed a decline of 2.86%.
ICE canola futures extended their decline for the fifth consecutive session, reflecting the broader downtrend in oilseed markets. Weakness in canola further weighed on futures, with the most active July canola recording a loss of $15 to settle at $618 per metric ton.
Market data from April 29th indicates net selling activity for soybean and soymeal and soy oil with -8000, -2000, -4000 funds respectively.
EuroNext commodities exchange reported the futures contract for August 2024 settling at Euro 458.25 per metric ton, reflecting an absolute change of -6.75.
(By Commoditiescontrol Bureau: +91-9820130172)
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