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CBOT Soybean Marks Steady Closing On Moderate Technical Buying, Pressure Of Bigger S. American Crop

8 Feb 2020 8:10 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures closed modestly higher on Friday as light technical buying and strength in corn and wheat offset pressure from expectations of large South American soy harvests, traders said.

CBOT March soybeans settled up 1 cent at $8.82 a bushel. For the week, the contract rose 9-1/4 cents a bushel or 1.1%, halting a three-week decline. May Soybean ended at $8.95, up 1/4 cent. July Soybean closed at $9.08, up 1/4 cent. August Soybeans settled at $9.12 1/2, unch.

CBOT March soymeal ended up $1.10 at $289.30 per short ton, but it was not enough to offset the weekly declines, which left March futures $1.70/ton lower for the week. While March soyoil fell 0.27 cent at 30.97 cents per pound, but only reduced the weekly gain to $1.30.

Brazil's Real hit an all-time low, encouraging Brazilian farmers to sell dollar-denominated soybeans.

Analysts surveyed ahead of the February WASDE report, pegged soybean carryout at 448 mn bushels. That is an anticipated reduction of 27 mn bushels vs. the January WASDE forecast. Stocks will be much tighter than last year, when soybean carryout was a record high 909 mn bushel.

If the analyst estimates are realized soybean ending stocks would be 10.14% above the 5-year average (of 407 mbu). The World soybean carryout on the other hand is anticipated to be higher than the previous estimate with traders on average expecting a 97.3 MMT carryover, compared to 96.7 MMT.

Meanwhile the harvest of Brazil's 2019/20 soybean crop was 15.7% complete as of Friday, compared with 27.3% a year earlier, ARC Mercosul said. Recent rains have hindered the harvest pace in some areas, the firm said.

Chinese President Xi Jinping told U.S. President Donald Trump that China would still meet its Phase 1 trade deal purchasing targets despite delays linked to the coronavirus outbreak, said the White House adviser Larry Kudlow.

Support and Resistance for the active contract lies at $8.72 and $8.89/Bushels, respectively.

(Commodities Control Bureau)

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