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CBoT Soybean Ends In Double Digit On China buying, Economic Optimism

27 May 2020 7:34 am
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Mumbai (Commodities Control) – U.S. soybean futures posted their strongest gains in nearly a month on Tuesday on fresh export sales to China and spillover strength from rising equities and energy markets amid optimism about an economic reopening.

The benchmark CBOT July soybean contract closed up 1.7%, its strongest percentage gain since April 30. July Soybeans closed at $8.47 1/4, up 14 cents. August Soybeans closed at $8.48 3/4, up 12 1/4 cents. September Soybeans closed at $8.49 1/4, up 10 3/4 cents and November Soybeans closed at $8.54 1/2, up 10 cents.

Soymeal futures also edged higher. July Soybean Meal closed at $284.00, down $0.10.

Soyoil futures rallied on gains in crude oil markets. July Soybean Oil closed at $27.24, up $0.60.

Private exporters reported the sale of 264,000 tonnes of soybeans to China, 66,000 tonnes for shipment in the 2019/20 marketing year and 198,000 tonnes delivery during 2020/2021, the U.S. Agriculture Department (USDA) said.

USDA also reported a large export sale of 216,000 MT of soybean meal to unknown. The weekly Export Inspections update showed 333,127 MT of soybeans were shipped on the week ending May 21. That was down 6% wk/wk and 38% below last year.

China's soybean imports in April from top supplier Brazil rose 2.6% from a year earlier, customs data showed. The brisk import pace stirred hopes for improved U.S. exports in the months ahead.

US soybean planting through May 24 was 65% complete. That was below trade estimates around 70%, but still 10 percentage pts above the 5-year average. Soybean emergence was 35%, compared to 18% last week, 11% last year and the 5-year average of 27%.

Favorable U.S. crop weather provided overhead resistance in soybeans. The USDA is due to release its weekly crop progress report later on Tuesday.

Commodity funds were net buyers of Chicago Board of Trade (CBOT) soybean and soyoil futures contracts on Tuesday and net sellers of CBOT soymeal.

Support and Resistance for active contract lies at $8.26 and $8.59 per Bushel, respectively.

(Commodities Control Bureau)

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