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CBOT Soybean Flat on Lower Demand

13 Apr 2019 8:05 am
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Mumbai (Commoditiescontrol)— Soybean prices endured a bumpy session to finish Friday unchanged, as Chinese buyers remained out of the market and demand remained low. With this May and July futures holding steady at $8.9525 and $9.0875, respectively. May 19 Soybean Meal closed at $307.90, up $0.70, May 19 Soybean Oil closed at $28.95, down $0.03.

Total volume estimates were for 142,194 contracts, sliding 19% below Thursday’s final count of 176,151.

Ahead of next Monday’s monthly soybean crush report form the National Oilseed Processors Association (NOPA), a group of analysts estimate a March crush totaling 168.028 million bushels. If realized, that total would surpass February’s crush by 8.8% and would be the second-largest March crush on record.

Soy oil stocks are seen at around 1.783 billion pounds. Export commitments for 2018/19, compared to USDA’s projected total, are 86% complete vs. the 5-year average at 95%. Shipments are 61% of that projection (84% average), as the large quantity of outstanding sales is 18% larger than last year

China reported a 14% year-on-year drop in soybean imports over the first quarter of 2018 to 17.8 million mt, as tensions between the US and China over tariffs continue. But China is expected to purchase in general 27 million mt over the second quarter, up 52% from the first quarter, according to the China National Grain and Oil Information Centre (CNGOIC). However, it is unclear if China will purchase US beans or seek out lower-priced South America supply.

On Wall St., big gains from some entertainment and banking stocks helped the Dow move 253 points higher to 26,396. Energy futures continue to gain traction, with crude oil up another 1% to crest back
over $64 per barrel after creeping steadily higher since late December. Gasoline and diesel grabbed more modest gains during previous session. The U.S. Dollar softened slightly.

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