Login ID:
Partner Login
Contact Us : 7066511911

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

27 Jun 2020 8:08 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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)

  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
CBoT Soybeans Fall as Rising Supplies seen Outstripping...
India 2020-21 Kharif Oilseed Sowing Up As On Aug 07,202...
USDA Confirms Biggest U.S. Soy Sale to China Since June...
BMD CPO Marks 3% Weekly Rise on Lower Stock Forecast
Soy Complex Soybeans (CBT) Losing Momentum Near Ove...
Top 5 News
PM Modi Launches Financing Facility under Agriculture I...
DGFT Cancels Licenses of 56 Pulses Importers; Caught Fo...
India 2020-21 State wise Kharif Pulses Sowing Aug 5
Coriander Prices Weaken In Ramganj Amid Higher Arrivals...
Sugar Prices to Sweeten Until Diwali, Higher Output May...
Top 5 Special Reports
Weekly: ICE Cotton Ends Weak Despite Shortcovering, U....
Weekly: ICE Raw Sugar Secures Support From Thailand's ...
Cabinet May Extend Buffer Stock Subsidy Scheme For Suga...
USD/INR (Aug 20) Consolidating Below Key Resistance ...
Flour, Maida Export From India Not Viable Despite Recen...
Copyright © CC Commodity Info Services LLP. All rights reserved.