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CBOT Soybean Ends With Losses Despite Record Crushing, Higher Export Inspection; Mkt Awaits Chinese Demand

19 Feb 2020 8:40 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures fell on Tuesday as traders waited for signs of a long-promised pickup in demand from China.

The most-active CBOT March soybean futures contract hit technical resistance and turned lower after failing to take out its Friday high during the overnight trading session. March Soybean closed at $8.92 ¼, down 1 ½ cents. May Soybean ended at $9.02 ¼, down 1 cent. July Soybean settled at $9.14, down 1 ½ cents, while August Soybean closed at $9.17 ½, down 1 ¾ cents.

Soymeal futures closed higher and soyoil futures ended lower. March Soybean Meal closed at $292.20, up $1.10. March Soybean Oil closed at $30.48, down $0.09.

The National Oilseed Processors Association on Tuesday said its members crushed a record 176.940 million bushels of soybeans in January, with good crush margins and strong soymeal demand fueling the pace. The crush was above the average trade estimate of 173.748 million bushels.

According to NOPA soybean oil stocks were at 2.012 billion lbs at the end of January. That was a 14.5% increase over December, a 29.9% increase YoY. This was the largest stock since April of ’08.

Soybean exports from USDA Export Inspections report were 54.9% higher wk/wk to 992,294 MT. The week’s soybean exports were below the same week last year by 8.42%. Mexico was the top destination for the week’s soybeans with China a close second. Together, 42.33% of the week’s soybean shipments were to the two nations. Accumulated soybean exports are 1.039 bbu through the week ending 13th February, which is 18.75% above last year’s pace.

Brazilian 2019/20 soybean production is expected to reach a record of 125.6 million tonnes, agribusiness consultancy AgRural said on Monday.

China will grant exemptions on retaliatory duties imposed against 696 U.S. goods including soybeans as Beijing seeks to fulfill commitments made in its interim trade deal with the United States.

South America continues to make good progress with weather and harvest moving forward with little change on the horizon with some rains delays in Brazil last week. The Brazilian Real remains very cheap as well hurting U.S. export competitiveness near term with the end-of-week gains evaporating again.

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

Support and Resistance for active contract lies at $8.84 and $9.02/Bushel, respectively.

(Commodities Control Bureau)

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