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CBoT Soybeans Ends In Red On Friday On Soft Export-Sales Data

22 Feb 2020 8:33 am
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Mumbai (Commodities Control) - Soybean futures posted losses in the front months as U.S. net soybean sales dipped for the week ended February 13th.March soybean was the weakest on Friday and ended the week 3 1/4 cents lower than last Friday’s close.

March Soybeans settled at $8.90 1/2, down 2 1/4 cents. May Soybeans closed at $8.99, down 2 cents. July Soybeans closed at $9.09 3/4, down 1 1/4 cents and August Soybeans ended at $9.13, down 3/4 cent.

March soymeal ended negative on the week. Soybean oil was 52 points higher on Friday, for a 7 point gain wk/wk. March Soybean Meal closed at $289.20, down $3.70. March Soybean Oil closed at $30.64, up $0.52.

US net soybean sales were at 494,300 metric tonnes (MT) for the week ended February 13 in the marketing year 2019/2020, down 23 percent from the previous week and 22 percent from the prior 4-week average.

New crop soybean sales were 3,360 MT for the same week. Weekly shipments from the report were 957,812 MT, which was 5.4% higher than the same week last year. MYTD soybean exports total 28.406 MMT, which is 21.9% above than last year’s pace.

US net soybean sales were at 644,800 MT for the week ended February 6.

Soybean sales to China totaled 11,484 MT or only 2.32% of total bean bookings. Increases were primarily for Indonesia (91,300 MT, including 55,000 MT switched from unknown destinations and decreases of 3,500 MT), Japan (89,800 MT, including 36,000 MT switched from unknown destinations and decreases of 2,100 MT), the Netherlands (82,400 MT, including 80,000 MT switched from unknown destinations), Mexico (79,700 MT, including decreases of 1,200 MT), and Israel (41,200 MT), were offset by reductions for Nepal (100 MT).

Soybean meal sales from the report were 169,433 MT which was also below the expected range. Soybean oil sales were on the high end of expectations, with 41,954 MT of soy oil bookings on the week. US soybean carry over for 2020/21 is expected to be 320 mbu, that is the lowest since 2016/17 if realized.

Meanwhile South America continues to make good progress with weather and harvest is moving forward with little change on the horizon with some rain delays in Brazil in recent days. The Brazilian Real remains very cheap as well hurting U.S. export competitiveness near term with new lows scored this week.

Support and Resistance for active contract lies at $8.87 and $9.15/Bushels, respectively.

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