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CBoT Soybeans Settle Up After USDA Data; Eyes On Trade Deal Signing

11 Jan 2020 8:38 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures edged higher on Friday despite a larger-than-expected U.S. crop forecast from the U.S. Department of Agriculture (USDA) on hopes for increased Chinese demand with the U.S.-China trade deal due to be signed next week.

The most-active March 20 contract of soybean closed at $9.46, up 2 ½ cents, while May 20 upped to close at $9.59. July 20 soybeans ended at $9.71, up 2 ¾ cents. January Soybean meal closed up $2.50 at $298.70, while January Soybean oil closed down at $34.07.

A monthly USDA report showed production up 8 million bushels from December on a higher average yield and reduced harvested acreage. The new production figure is 3.558 billion bushels, with yield up 0.5 to 47.4 bushels/acre. The WASDE left 2019/20 US bean carryout unchanged at 475 million bushels, well above trade estimates. Brazilian soybean production was unchanged, but projected world ending stocks were increased to 96.67 MMT.

Report mentioned crop conditions remain favorable in much of Brazil and Argentina, which kept a lid on futures gains.

The USDA said it would resurvey farmers in five states after bad fall weather left many fields unharvested.

USDA also published the weekly Export Sales report, showing 358,983 MT in bean bookings, which was below the expected 400k-800k MT. Soy meal sales were also below expectations during the week ending January 2nd, as bookings were 74,235 MT, and soy oil had 2,577 MT of export sales.

Investors are awaiting details of the U.S.-China Phase 1 trade deal due to be signed next week. The deal is expected to boost U.S. soybean sales to China and tighten U.S. soy supplies.

Commodity funds were net buyers of Chicago Board of Trade soybean and soymeal futures contracts on Friday and net sellers of soyoil, traders said.

Support and resistance for the active soybean contract lies at $9.31 bushel and $9.54/bushel, respectively.

(By Commodities Control Bureau +91-22-40015502)

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