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CBoT Soybean Recovers After Sharp Decline On Corona Virus Fears

26 Feb 2020 7:47 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures firmed on Tuesday for the first time in four sessions in a moderate short-covering rebound from the prior session's steep losses, traders said.

Futures recovered from multi-month lows posted on Monday amid fears that the spread of coronavirus beyond China would dent global economic growth or stall export shipments of U.S. beans.

March Soybeans closed at $8.79, up 4 3/4 cents. May, July and August Soybeans upped 5 ¾ cents to settle at $8.88 ¼, $8.99 ¾ and $9.03 ¾ per Bushels, respectively.

While March Soybean Meal closed at $286.50, up $0.40 but March Soybean Oil closed at $29.23, down $0.26.

Traders are still waiting for large U.S. soy purchases by China following its Phase 1 trade deal with the United States. Bumper soybean crops in South America have thus far limited purchases from the United States.

Meanwhile, accumulated soybean exports were 1,061 million bushels through 20th February, which is 58.15% of the USDA’s projected MY soybean exports. Accumulated shipments sit 14.98% above last year’s pace, with WASDE projecting a 4.41% YoY growth. Through February 20 Brazil soybeans were 31% harvested, compared to 45% at the same point last year.

South America continues to make good progress with weather and harvest moving forward with little change on the horizon with some rain delays in Brazil keeping harvest off the average pace. The Brazilian real remains very cheap as well hurting U.S. export competitiveness.

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

Support and Resistance for the active contract lies at $8.78 and $8.93/Bushels, respectively.

(Commodities Control Bureau)

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