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CBoT Soybeans Ends Higher Tracking Soymeal Strength; Positive Weekly Closing

21 Mar 2020 8:34 am
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Mumbai (Commodities Control) –Strong meal markets continue to bolster soybean futures on Chicago Board of Trade soybean futures that rose for the fourth day in a row on Friday. The late week rally boosted soybean futures to a weekly gain as well. May soy beans ended 13 ¾ cents higher W/W.

The most-active CBOT May soybean futures contract broke through its 10-day moving average on Friday, settling above that key technical point for the first time since March 5.

May Soybeans closed at $8.63 ¼ cents, up 20 cents. July Soybeans closed at $8.65 ¾ , up 17 ¾ cents. August Soybeans closed at $8.66 ¼, up 17 cents and September Soybeans closed at $8.62, up 14 ¾ cents.

Soymeal futures surged 2.5% to a nine-month high, buoyed by expectations for good sales to the livestock sector and on the export front. Concerns of slow exports in South American ports aided to the price support. May Soybean Meal closed at $322.80, up $8.00. Soybean meal futures marked a weekly gain of $25.70/ton.

Chinese meal futures hit a five month high due to crushing disruptions and concerns about potential COVID-19 disrupting South American imports.

Soyoil futures also were firmer, but gains were kept in check as the recent rout in crude oil prices has cut into demand for biofuel. May Soybean Oil closed at $25.64, up $0.16, however Soybean oil futures ended the week 73 points lower.

Soybeans also generated strength as recent price declines have made U.S. supplies more attractive to overseas buyers.

Private exporters reported a sale of 110,000 tonnes of soybeans for delivery to unknown destinations in 2019/20, the U.S. Agriculture said on Friday morning. Trade is of the opinion that exporters sold soybeans to China.

Meanwhile the technical charts indicate that liquidation is under way. Soybean speculative traders were 4,172 contracts more net short in the CFTC report based on 17th March data. Speculative trader OI was down 26,780 contracts W/W to 158,748 positions. Over the last three weeks the managed money open interest has dropped 84,928 positions.

Support and Resistance for active contract lies at $8.38 and $8.76/Bushel, respectively.

(Commodities Control Bureau)

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