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CBOT Soybean Moderately Down On Technical Selling, Calm U.S. Crop Weather

7 Sep 2019 8:30 am
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MUMBAI(Commoditiescontrol) - Chicago Board of Trade soybean futures ended lower on Friday, retreating from early advances on pressure from technical selling, declines in corn and outlooks for mild U.S. weather.

CBOT November soybeans settled down 3-3/4 cents at $8.57-3/4 per bushel. For the week, the November contract fell 11-1/4 cents or 1.3%, its third weekly decline in the last four weeks.

Soybean basis bids slipped 2 cents lower at an Illinois river terminal Friday but held steady across other Midwestern locations today.

Soybean exports saw 2.6 million bushels in old crop sales last week, plus another 29.0 million bushels in new crop sales, for a total of 31.5 million bushels. That nearly doubled the prior week’s tally and trade estimates, both at 16.5 million bushels. Despite the ongoing struggles with China, that country still tops destinations for 2018/19 soybean export commitments, with 29% of the total.

The next round of U.S.-China trade talks is not scheduled until early October, but President Donald Trump was back on Twitter this morning applauding his move to install massive tariffs on the country. “China is eating the Tariffs,” he wrote, adding that “Targeted Patriot Farmers [are] getting massive Dollars from the incoming Tariffs.”

Private analytics firm IEG Vantage raised its forecast of the average U.S. 2019 soybean yield to 48.4 bushels per acre, up slightly from 48.2 last month.

Forecasts called for beneficial rains next week in portions of the U.S. Midwest and no signs of a frost that could shorten the growing season of late-maturing U.S. corn and soybean crops.

Meanwhile, statistics Canada reported Canadian canola stocks as of July 31 at a record-high 3.9 million tonnes, up 55% from last year and just above the average trade expectation of 3.8 million tonnes.

CBOT December soymeal ended down $1.50 on Friday at $293 per short ton, while December soy oil rose 0.01 cent to settle at 28.65 cents per pound.

Support and resistance for November Soybeans is seen at $8.53 and $8.64, respectively.

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