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CBoT Soybean Settles Weaker As Soymeal Falls Back

26 Mar 2020 8:11 am
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Mumbai (Commodities Control) – Barring the September contract Chicago Board of Trade soybean futures closed lower on Wednesday, erasing early strength and turning down under pressure from farmer selling. Steep declines in soymeal futures as traders bought soyoil and sold soymeal on inter-market spreads.

CBoT May soybeans settled down 5 ¼ cents at $8.81 ½ per bushel, retreating after climbing to $8.97, the contract's highest since March 6. July Soybeans closed at $8.84 ¾, down 2 ¾ cents. August Soybeans closed at $8.85 ½, down 1 cent and September Soybeans closed at $8.79, up 3/4 cent

CBOT May soymeal ended down $10.40 at $321.70 per short ton while May soyoil rose 0.09 cent at 26.64 cents per pound.

The U.S. Department of Agriculture said private exporters sold 20,000 tonnes of U.S. soyoil to South Korea.

Ahead of Thursday's weekly USDA export sales report, analysts expected the sales of U.S. soybeans in the week to March 19 at 400,000 to 900,000 tonnes. While Traders are anticipating Export Sales report to show 400k to 800k MT of soybean sales, with an additional 0 to 100k MT of new crop sales.

Soybean meal sales are estimated to range 100-350,000 MT. Trader estimates for soybean oil sales are 8000 to 30,000 MT, with 0 to 5,000 MT more for next MY. The average trade estimate ahead of the Planting Intentions report appears to be 85 million acres of soybeans, up 12% YoY.

Worries about disruptions of supplies from South America due to coronavirus measures underpinned the soybean market.

Brazilian farm lobby CNA warned the government that grain, coffee and sugarcane growers face operational hurdles due to the coronavirus epidemic.

More than 70 municipalities in Argentina are enforcing anti-coronavirus measures by controlling the movement of farm produce through their jurisdictions.

Support and Resistance for active contract lies at $8.69 and $9.02/Bushel, respectively.

(Commodities Control Bureau)

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