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CBoT Soybeans Ends Higher as Soyoil Surges on Biodiesel Demand

1 Aug 2020 8:09 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures rose on Friday for a second straight session as soyoil futures climbed nearly 2% on demand from the U.S. biodiesel sector, traders said.

CBOT August soybean futures settled up 5-3/4 cents at $8.97-1/2 per bushel while most-active November ended up 4-1/4 cents at $8.92-1/2. September Soybeans closed at $8.90 1/4, up 3 1/2 cents and January 21 Soybeans closed at $8.98, up 4 1/4 cents.

The CBOT reported no deliveries against the August soybean futures contract on first notice day, a factor that lifted August against back months.

For the month of July, the November soybean contract rose 10-1/4 cents a bushel or 1.2%, its second consecutive rise.

CBOT December soyoil rose 0.60 cent on Friday to settle at 30.76 cents per pound while December soymeal ended down 70 cents at $297.30 per short ton.

Soyoil futures drew support from U.S. Energy Information Administration data showing that the amount of soyoil used for biodiesel in May rose to 778 million pounds, up from 672 million a month earlier.

Ahead of the U.S. Department of Agriculture's monthly U.S. soy crush report due Monday, analysts expected the government to report that U.S. soy processors crushed 177.8 million bushels of soybeans in June.

The CBOT reported 24 first-day deliveries against August soymeal futures and 412 August soyoil deliveries, with J.P.

Managed money added 10,896 new shorts wk/wk, which paired with light long liquidation reduced their CFTC net long 22% to 62,161 contacts. In the CoT report, soymeal speculative traders were 19,464 contracts net short on July 28. That was 9,714 contracts less short wk/wk via short covering. Managed money was 37,549 contracts net long in bean oil on July 28.

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

Support and Resistance for active contract lies at $8.86 and $8.98 per Bushel, respectively.

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