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CBOT Soybean Up on Technical Bounce

26 Apr 2019 5:20 am
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Mumbai (Commoditiescontrol)— Bargain buyers gave soybean futures a small lift on Thursday after incurring heavy losses earlier this week, but a tepid round of export data from USDA kept gains minimized. May and July futures each gained 4 cents to close at $8.5925 and $8.7275, respectively. May 19 Soybean Meal closed at $306.00, up $5.60, May 19 Soybean Oil closed at $27.64, down $0.2. Total volume estimates jumped to 336,504 contracts, rising above last session final count of 258,907.

Last week, soybeans found 21.9 million bushels in old crop sales plus another 800,000 bushels in new crop sales, for a total of 22.7 million bushels. That moved ahead of the prior week’s tally of 10.3 million bushels and slightly exceeded trade estimates of 19.3 million bushels.


Soybean export shipments were for 35.3 million bushels last week. For the 2018/19 marketing year, China continues to lead all destinations for U.S. soybean export commitments, accounting for 29% of the total.


China's imports of soybeans from the United States, the second-largest supplier to the country in 2018, rose in March from the previous month as more cargoes booked during a truce in the trade dispute between the two countries arrived. China, the world's biggest soybean buyer, imported 1.51 million tons of soybeans from the United States in March, data from the General Administration of Customs released on Thursday showed, up from February's shipments of 907,7545 tons.


China also imported 2.79 million tons of soybeans from Brazil, its largest supplier, the customs data showed, up from 2.33 million tons in March 2018.
Total soybean imports in March reached 4.92 million tons, according to customs data released earlier in the month.


IGC upped their 19/20 world soybean production estimate by 2 MMT, which also led to a 5 MMT jump carryout to 56 MMT. BAGE data shows the Argentine soybean harvest at 50.7% complete, above the 39.6% average.


On Wall St., a disappointing earnings report helped fuel moderate stock losses, with the Dow sinking 73 points to 26,524. Energy futures were mixed, with crude oil down moderately while diesel and gasoline saw moderate gains. The U.S. Dollar firmed slightly
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