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CBOT Soybeans Softens As Virus Concerns Irk Markets; Slips For The Week

29 Feb 2020 8:51 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures retreated on Friday after three sessions of gains as fears about the spread of the coronavirus around the world fueled concerns about a global recession, traders said.

March Soybeans closed at $8.83 1/2, down 2 3/4 cents, on Friday. March Soybeans were 7 cents below last Friday’s close.

May Soybeans closed at $8.92 3/4, down 2 1/4 cents. July Soybeans closed at $9.01 1/2, down 3 1/4 cents and August Soybeans closed at $9.04, down 4 1/4 cents.

March Soybean Meal closed at $298.60, up $1.70 and March Soybean Oil closed at $28.31, down $0.52. March soybean meal futures ended the session with a $1.70/ton gain. Week-on- week meal futures were 3.25% higher. March soy oil futures lost an additional 52 points Friday, for a weekly total of 2.33 cents/lb.

Global stocks and oil prices fell sharply as traders fretted over the economic impact of the spread of the virus. Stock markets were on course for their steepest weekly fall since the 2008 global financial crisis.

The actively traded May soybean contract ended the week down 0.7% in a second straight weekly loss. But the contract was modestly higher for the month after shedding about 8.5% in January.

Losses on Friday were pared by end-of-week and end-of-month position squaring.

A move by Argentina's Agriculture Ministry to suspend export registrations this week, suggesting an imminent increase in export duties that would benefit U.S. exports, also kept a floor under soybean futures.

Meanwhile, Brazilian soybean farmers have harvested 43.1% of the planted area through Friday, compared with 56% at this time last year, when the beans were sowed and collected earlier, agribusiness consultancy Arc Mercosul said on Friday.

According to a historical average, farmers had harvested 44.2% of the planted area at this point in the prior five seasons, Arc Mercosul said.

Traders are still waiting for large U.S. soy purchases by China following its Phase 1 trade deal with the United States. An import tariff waiver system in China is due to go live next week.

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

Support and Resistance for active contract lies at $8.73 and $9.05/Bushels, respectively.

(Commodities COntrol Bureau)

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