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CBOT soybeans Ends Lower on profit-taking, Middle East tensions

4 Jan 2020 8:37 am
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CBOT soybeans Ends Lower on profit-taking, Middle East tensions

Mumbai (Commodities Control) – Chicago Board of Trade soybean futures slid on Friday as rising Middle East tensions fueled profit-taking and increased uncertainty, analysts said.

Selling hit markets after a U.S. air strike in Baghdad killed Tehran's most prominent military commander.

The most actively traded soybean contract was due for a correction, analysts said, after reaching its highest price since June 12, 2018, on Thursday.

CBoT March 20 soybean closed at $9.41 ½ cents/bushel, down 14 ¾ cents. May 20 Soybeans closed at $9.55 ¼ cents, down 14 ¼ cents. Meanwhile, July soybeans ended at $9.67 ¾ cents, down 13 ¼ cents. Soybeans futures came back from midday lows but still closed the weekend with double digit losses. The Friday sell off was not enough to erase weekly progress in the soy market, as bean futures finished a penny higher wk/wk.

Even, Soybean meal and soybean oil ended lower at $296.10 and $34.81, respectively.

Malaysian palm oil futures also closed lower. Rallies in palm oil recently helped lead the CBOT soy complex higher.

The U.S. Department of Agriculture said total net U.S. soybean export sales last week were 332,047 tonnes, below expectations for 350,000 tonnes to 1.05 million tonnes. China accounted for 160,241 MT (or 48.51%) of the weekly soybean sales. Soybean shipments were 1.076 MMT for the week ending 26th December, with 38.92% headed to the PRC. China has been the destination for 9.072 MMT (43.36%) of the 20.921 MMT of US soybean exports since September 1.

China has committed to buying more U.S. farm products as part of a Phase 1 bilateral trade deal, although details have not been announced.

Support and resistance for active soybean contract lies at $9.25 and $9.64/bushel, respectively.

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