Login ID:
Password:
Partner Login
Contact Us : 7066511911

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

4 Jan 2020 8:37 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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.


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Soybeans Arrived At JNPT In January 2020
BMD CPO Settles Higher For Second Straight Day
Ukraine Sunflower Oil Exports Up 61% So Far In 2019-20:...
BMD CPO Set To End 2nd Straight Day On Positive Note
Long/Short Quantity Position In NCDEX Mustard Seed On 1...
more
Top 5 News
Soybeans Arrived At JNPT In January 2020
Raw/Processed Chana Extend Gain in Spot Markets
Spot Mentha Rallies On Low Level Buying
Domestic Sugar Prices Down On Sluggish Demand
Spot Coriander Remains Steady To Firm
Top 5 Special Reports
USD/INR (Feb. 20) Neutral Stance: Prices Consolidati...
USDCNY-CHINESE/USDIDR-INDONESIAN RUPIAH
USDMYR
USDARS-ARGETINE PESO/USDBRL-BRAZILIAN REAL
CRB INDEX/US DOLLAR INDEX CONTINUOUS
Copyright © CC Commodity Info Services LLP. All rights reserved.