Login ID:
Partner Login
Contact Us : 7066511911

CBoT Soybean Slips On U.S. China Tensions; Up 1.7% For The Week

30 May 2020 8:15 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – U.S. soybean futures slipped on Friday as tensions between the United States and top soy importer China rose ahead of a planned press conference by U.S. President Donald Trump on the U.S.' response to China's security measures in Hong Kong.

The benchmark CBOT July soybean contract fell 6-1/4 cents to $8.40-3/4 a bushel. August Soybeans closed at $8.43 1/2, down 5 3/4 cents. September Soybeans closed at $8.45 1/2, down 5 cents and November Soybeans closed at $8.51 3/4, down 4 1/4 cents.

July soymeal futures ended down $1.10 at $283.20 per short ton, while July soyoil futures fell 0.01 cent to $27.38 cents per pound.

For the week, the most active soybean contract gained 1.7% in the first weekly gain in three weeks. For the month, the oilseed fell 0.9%, a third straight monthly drop.

Rising U.S.-China tensions, and recent Brazilian soy purchases by Chinese crushers, weighed on soybeans.

President Trump spoke about China in an event on Friday, addressing the country's security restrictions on Hong Kong after protests in the financial hub last year. China may reduce its imports of agricultural products from the United States if Washington issues a severe response to the new laws, three sources said.

From the Export Sales report, soybean bookings totaled 847,252 MT on the week ending May 21. That was half of last week’s but double the same week last year. Bean bookings in the report were split 644k and 203k MT old and new crop. The U.S. Department of Agriculture on Friday confirmed private sales of 66,000 tonnes of old-crop U.S. soybeans and 66,000 tonnes of new-crop beans to China.

Soybean meal bookings were 127,221 MT, which was on the low end of trader estimates. The report showed soybean oil sales were well above expectations at 56,599 MT.

Soy oil sales were down from last week’s sales, which were the 2nd highest for the MY, but still 61.2% above the same week from last year.

The Commitment of Traders report showed that on May 26 managed money funds were net long 5,813 contracts. which was down 6,251 contracts wk/wk via new sellers. Soymeal speculative traders also added new sellers, to 41,775 contracts net short. In soybean oil, speculative traders were 3,984 contracts net long on reduced OI.

Corn planting delays in some parts of the U.S. Midwest are expected to trigger a shift of some acres to the cultivation of soybeans, which can be planted later in the spring.

U.S. soybean crushings likely totaled 5.477 million short tons in April, or 182.5 million bushels, according to the average forecast of seven analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture (USDA) report.

Commodity funds were net sellers of Chicago Board of Trade soybean, soymeal and soyoil futures contracts on Friday.

Support and Resistance for active contract lies at $8.32 and $8.50 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
USDA Reduces 2020-21 Global Soybean Ending Stocks Estim...
CBoT Soybeans Settle Lower on Expectations of Better U...
Indian soybean meal export dips to 5.73 lakh tons
Soy Complex Soybeans (CBT) Consolidating Near a Res...
BMD CPO Futures Recoup Early Losses On Reports Of Fall...
Top 5 News
Booster Dose For Indian Textile Sector
Coriander Prices Weaken amid Dull Demand, Higher Produc...
Cotton Prices Steady-to-Weak in South Indian Markets
Burma Urad SQ Variety Drops At Chennai; FAQ Variety In ...
Cotton Prices Firm in Gujarat amid Improved Demand
Top 5 Special Reports
USD/INR (Jul 20) Counter-trend Bounce / Key Resistan...
USD/INR (Jul 20) Counter-trend Bounce / Key Resistan...
USD/INR (Jul 20) Weak Price Trend / More Downside Pr...
USD/INR (Jul 20) Bearish Breakout from a Descending ...
CBoT Soybean Reaches 4-Months High on Dry, Hot U.S. Wea...
Copyright © CC Commodity Info Services LLP. All rights reserved.