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CBOT Soybean Ends Up On Concerns Of Delayed Planting

25 May 2019 8:41 am
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MUMBAI (Commoditiescontrol)-CBOT soybeans were up more than 1% on Friday on concerns about delayed planting and firm corn prices. The weak dollar index was also supportive of Soybean prices.

July futures each added 8-1/4 cents to close at $8.29-3/4/bu and August also gained 8-1/4 cents to $8.36-1/2/bu.

Rainy weather and soggy field conditions are threatening Midwest planting. Above-normal precipitation is expected over the next week.

Spot basis bids for soybeans were steady to firm at interior elevators and river terminals around the U.S. Midwest on Friday. Farmers are avoiding to make fresh sales until they are able to make planting. This is keeping basis firm.

A poll of analysts estimates Brazil’s 2018/19 soybean harvest could top 4.269 billion bushels, moving 0.6% higher than projections from April.

Due to weather concerns soybean prices are likely to remain volatile in the near term. But bias is still negative due to huge The US carryover crop and likely increase in acreage from corn to soybeans and USDA farm aid package, which requires the farmer to plant the crop in order to get aid, is compelling farmers to do more planting.

July Soybean Meal closed at $300.50/MT, up $3.30, Jul 19 Soybean Oil closed at $27.01/lb, up $0.23 .

Market is likely to remain volatile this week on weather concerns. Support for July contract is $8.17/bu and resistance is $8.48/bu.


(Commoditiescontrol Bureau)


       
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