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CBoT Soybean Sinks on Favorable U.S. Weather, Coronavirus Fears

27 Jun 2020 8:08 am
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Mumbai (Commodities Control) – Chicago Board of Trade (CBOT) soybean futures fell for a fifth straight day on Friday on good U.S. Midwest rains and economic concerns as coronavirus infections continued to surge, traders said.

CBOT July soybeans were down 4-1/4 cents at $8.65 per bushel. August Soybeans closed at $8.60, down 6 1/2 cents. September Soybeans closed at $8.57 1/4, down 6 1/2 cents and November Soybeans closed at $8.61 1/4, down 7 cents.

Soybeans were down 1.3% on the week, the first weekly drop in five weeks.

CBOT July soymeal ended down $3.40 at $282.10 per short ton and $5.10/ton for a week’s loss. July soyoil fell 0.34 cent to 27.20 cents per pound and that completed a 4.2% loss wk/wk.

Rising coronavirus cases stoked worries of new lockdowns and economic damage, which weighed down equities and most commodities.

A wetter forecast for the U.S. Midwest weighed on the market and some analysts expect crop conditions to improve. The U.S. Department of Agriculture (USDA) will be updating weekly crop conditions on Monday.

Traders also squared positions ahead of next week's U.S. Department of Agriculture quarterly stocks and planted acreage reports. Soybean plantings were expected to rise from a USDA estimate in March, while June 1 soybean stocks were seen at the second largest on record.

The USDA reported private sales of 132,000 tonnes of U.S. soybeans to China for shipment in the 2020/21 marketing year.

The U.S. soybean crush for 2019/20 is expected 15 million bushels higher this month to a record 2.14 billion. The increase is based on continuing gains for domestic use of soybean meal, which is seen 400,000 short tons higher to 37.5 million. USDA also raised its forecast of soybean oil exports for 2019/20 by 150 million pounds to 2.7 billion.

In contrast, USDA trimmed its 2019/20 forecast of U.S. soybean exports this month by 25 million bushels to 1.65 billion. This month’s revisions boost the forecast of 2019/20 season-ending stocks by 5 million bushels to 585 million.

Meanwhile, the weekly CoT report showed managed money was 23,102 contracts more net long to 44,285 contracts on June 23. That is the strongest net long since November 5, 2019. Managed money OI was down 6,324 contracts from more short covering than new longs, though both occurred. In soybean meal, CFTC data showed funds were 46,012 contracts net short. Bean oil spec traders were 4,065 contracts less short wk/wk from short covering. On net, managed money was 721 contracts net short on June 23.

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

Support and Resistance for November Futures lies at $8.52 and $8.74 per Bushel, respectively.

(Commodities Control Bureau)

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