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CBOT Soybeans Drop On Technical Selling Amid Improved Weather Forecasts

20 Aug 2019 8:31 am
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MUMBAI(Commoditiescontrol) – Chicago Board of Trade soybean futures closed lower on Monday after beneficial rains crossed the U.S. Midwest crop belt over the weekend, bolstering prospects for the 2019 soy harvest.

CBOT November soybeans settled down 13-1/4 cents at $8.66-1/2 per bushel after dipping to $8.64-1/2, the contract's lowest since Aug. 7.

Soybean basis bids firmed by 2 to 8 cents at two interior river terminals Monday but fell 2 cents lower at an Indiana processor. Other locations across the Midwest remained unchanged today.

Total soybean export inspections were for 42.6 million bushels for the week ending August 15. That was better than the prior week’s total of 34.7 million bushels and above trade estimates that ranged between 22 million and 40 million bushels. China’s 20.3 million bushels led all destinations.

Later in the afternoon, the US soybeans crop progress data shows 90% of the crop blooming (96% average), with 68% setting pods (85% average). Many of the fields were still blooming, resulting in incomplete pod counts.

Meanwhile, China sold 1.2 million bushels of its state reserves of soybeans at auction earlier today, which was 53.3% of the total available for sale.

Traders await details from the start of the four-day Pro Farmer Midwest Crop Tour, which is expected to release average soybean pod counts for Ohio and South Dakota later on Monday.

The tour concludes on Thursday night in Minnesota after scouting fields in seven states, and Pro Farmer editors are scheduled to release their U.S. corn and soybean crop estimates on Friday.

CBOT most-active December soymeal ended down $3.10 at $297.20 per short ton and December soy oil fell 0.47 cent to settle at 29.04 cents per pound.

Support for November Soybeans is at $8.61-1/2 per bushel and resistance is at $8.74 per bushel.

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