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CBoT Soybean Settled Lower On Sino-U.S Trade Tensions

2 Jun 2020 7:34 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures settled fractionally lower on Monday after a choppy session, as brokers weighed pressure from rising U.S.-China trade tensions against news of fresh U.S. soy sales to the Asian country, traders said.

CBOT July soybeans settled down 1/4 cent at $8.40-1/2 per bushel. August Soybeans closed at $8.43 1/4, down ¼ cent. September Soybeans closed at $8.45 1/4, down ¼ cent and November Soybeans closed at $8.52 1/4, up ½ cent.

CBOT July soymeal ended down 10 cents at $283.10 per short ton, while July soyoil rose 0.22 cent to 27.60 cents per pound.

Chinese state-owned firms bought at least three cargoes of U.S. soybeans on Monday, or at least 180,000 tonnes, from U.S. Pacific Northwest ports, three U.S. traders familiar with the deals said.

News of the purchases followed headlines overnight that China told state-owned firms to halt purchases of U.S. soybeans and pork after Washington said it would eliminate special treatment for Hong Kong.

The U.S. Department of Agriculture (USDA) reported export inspections of U.S. soybeans in the latest week at 396,387 tonnes, near the low end of trade expectations for 350,000 to 600,000 tonnes.

Ahead of the USDA's weekly crop progress report due later on Monday, analysts on average expected the government to report the U.S. soybean crop as 79% planted, up from 65% a week earlier.

Ahead of monthly U.S. soybean crushing data due from the USDA later on Monday, analysts surveyed by Reuters on average expected the government to report that U.S. processors crushed 182.5 million bushels of soybeans in April. That was 4.6% below March crush due to one less calendar day. Meal and oil production were also down 4.6% m/m with 4.04m tons and 2.1m lbs produced respectively. Soy oil stocks on hand at the end of April were 2.6b lbs.

South America continues to move along harvest-wise with strong shipments out of Brazil likely to continue unless port issues redevelop due to strikes or virus-related absenteeism. Crush margins remain solid for the time being.

Commodity funds were net sellers of Chicago Board of Trade soybean and soymeal futures contracts on Monday and net buyers of soyoil futures, analysts said.

Meanwhile India has upped the minimum support price for kharif/summer grown crops. The revised prices, reportedly, will provide farmers nearly 50-83% more than the cost. The MSP for groundnut have been raised by Rs 185 at Rs 5275/Quintal respectively.MSP for soybean was upped from Rs 3710 to Rs 3880/Quintal.

Support and resistance for active contract at $8.26 and $8.56 per bushel, respectively.

(Commodities Control Bureau)

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