Login ID:
Partner Login
Contact Us : 7066511911

CBoT Soybean Futures Settled Unchanged Ahead Of WASDE

9 Apr 2020 7:49 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Chicago Board of Trade soybean futures ended on Wednesday nearly unchanged, and fractionally mixed, for a second session. Traders jockeyed for positions ahead of a closely-watched supply and demand report.

Grain markets overall saw some technical selling ahead of Thursday's World Agriculture Supply and Demand Estimates (WASDE) report from the U.S. Department of Agriculture.

CBOT May soybeans settled down 1/4 cent at $8.54-1/2 per bushel. July Soybeans closed at $8.61 3/4, up 3/4 cent. August Soybeans closed at $8.64 1/2, up 1/2 cent. September Soybeans closed at $8.64 1/4, up 3/4 cent and New-crop November soybeans ended up 1-1/4 cents at $8.68 per bushel.

CBOT May soymeal ended down $1 at $292.80 per short ton while May soyoil finished down 0.30 cent at 27.18 cents per pound.

Some traders said they are closely watching for signs of China's appetite for U.S. soybeans.

Estimates ahead of WASDE’s report have World soybean carryout at 101.5 MMT, which would be down 900,000 MT from the March WASDE. Traders on average are anticipating a 21 mbu increase to U.S. soybean carryout, to 446 million bushels.

Chinese September-March soybean imports have been above last year, at 47.6 MMT vs. 41.4 MMT.

China released 500,000 tons of soybeans from state reserves on Tuesday as rain delays slowed shipments from Brazil. That is despite a Phase 1 trade deal between China and the U.S that promised a slew of U.S. agricultural exports, including soybeans.

Continued questions over drought conditions in South America, and its potential impact on Brazil's soybean crop, helped keep futures prices in a narrow range for the day, traders said.

Ahead of Thursday's weekly export sales report from the USDA, analysts expected the government to report soybean sales for the week ended April 2 at 700,000 to 1.4 million tonnes (old and new crop years combined).

Meanwhile Brazil Grain Exporters Association Anec says 3.2 million tonnes of soybeans were Exported Between March 29 And April 4. Anec Says Soymeal Exports In The Period Were 209,000 Tonnes.

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

Support and Resistance for active contract lies at $8.46 and $8.64 per Bushel, respectively.

(Commodities Control Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Energy Crude Oil (Jun. 20) Poised for More Near-te...
Energy Natural Gas (NYMEX) Trading Within a Multi-w...
Energy Crude Oil (Jun. 20) Poised for More Near-te...
Energy Natural Gas (NYMEX) Trading Within a Multi-w...
Energy Natural Gas (NYMEX) Trading Within a Multi-w...
Top 5 News
Major Pulses Remain Weak In Delhi On Dull Activity
M.P Cotton Quotes Steady Amid Weak trade
M.P Cotton Quotes Steady Amid Weak trade
Cotton Firms Up Rs 100 In Lower Rajasthan
Tocom/ Shangahi Rubber Price (PM) 26 MAY 2020
Top 5 Special Reports
Cotton Yarn Prices Set To Slide About 9%; Buying Oppor...
Indian COTTON Market intelligence and Price Outlook: F...
veg oil Complex Fundamental Analysis Report
Weekly: Pulses Drop On Listless Demand In Dals, Crop Ar...
Copyright © CC Commodity Info Services LLP. All rights reserved.