Login ID:
Password:
Partner Login
Contact Us : 7066511911

CBoT Soybeans Slide on Surging U.S. – China Tensions

25 Jul 2020 8:39 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 


Mumbai (Commodities Control) – Chicago Board of Trade soybean futures closed down on Friday as tensions between the United States and China overwhelmed continued export sales of the U.S. oilseed.


CBOT August soybean futures settled down 1-1/2 cents at $9.04-3/4 per bushel, while November soybean futures trimmed 3/4 cent to $8.99-1/4 per bushel. September Soybeans closed at $8.98 3/4, down 2 cents and January 21 Soybeans closed at $9.04 3/4, down 1/4 cent.


For the week, the most active soybean contract on the CBOT gained 5%.


CBOT December soyoil ended up 0.01 cent at 30.37 cents per pound, while December soymeal added $0.70 to finish at $298.60 per ton.


Tensions remained high between the U.S. and China, as China ordered the U.S. consulate in Chengdu shut, retaliating against the closure of its Houston consulate.


Weekly U.S. corn and soybean export sales reported on Thursday reached multiyear highs in mid-July, propelled by big Chinese purchases.


U.S. exporters sold 252,000 metric tonnes of soybeans, for delivery to unknown destinations, and 133,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2019/2020 marketing year, the USDA said on Friday. The sale was mostly new crop, with 6,000 MT for 2019/20 delivery.


In China, Sinograin sold 35,117 MT of soybeans from state reserves. In June, Argentina crushed 3.64 MMT of soybeans. That was down 15% yr/yr. The July forecast from IGC shows a 1 MMT bump to new crop bean production, estimated at 365 MMT. IGC also increased their forecast for 2020/21 ending stocks by 3 MMT to 48.


Commodity funds were net buyers of Chicago Board of Trade soybeans, soymeal, soyoil futures contracts on Friday, traders said.


The weekly CoT report showed managed money soybean traders adding 9,834 contracts to their net long position at 75,809 contracts on July 21.


Support and Resistance lies at $8.90 and $9.08 per bushel, respectively.



       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   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
Mustard Seed Gains Further In Jaipur, Sold In Smaller M...
CBoT Soybeans Firm on Bargain Buying after Four Lower C...
Brazil Soy Prices Near 2012 High
Experts all for Contract Farming, Intercropping to Ac...
Mustard Seed Retreats in Jaipur after Steep Hike; Buyer...
more
Top 5 News
Mustard Seed Gains Further In Jaipur, Sold In Smaller M...
Heavy Rain Can Cause Discolour To Guar Seed, New Arriva...
Sugar Markets Looks For Decision On MSP Hike, Prices Re...
Cotton Prices Steady in Karnataka amid Zero Arrivals Du...
Cotton Prices Steady in Andhra Pradesh, Telangana as Ar...
Top 5 Special Reports
India’s kharif sowing rose 50 lakh ha. But climate cruc...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
Yellow Mozaic Damages Moong in Rajasthan; Prices Head N...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
Copyright © CC Commodity Info Services LLP. All rights reserved.