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CBoT Soybean Ends Lower on Bearish Weather Outlook

5 Aug 2020 7:35 am
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Mumbai (Commodities Control) – U.S. soybean futures fell 1.6% to their lowest level since July 15 on Tuesday, pressured by forecasts for rain in western areas of the U.S. Midwest that eased lingering concerns about dry conditions in key growing areas limiting production.

Forecasts for a record crop in Brazil added to the pressure on the soybean market.

The benchmark Chicago Board of Trade November soybean futures contract dropped below its 10-day, 20-day, 30-day and 40-day moving averages during Tuesday's session.

November Soybeans closed at $8.81 1/2, down 14 3/4 cents. August Soybeans closed at $8.83 3/4, down 13 3/4 cents. September Soybeans closed at $8.79 3/4, down 13 1/4 cents and January Soybeans closed at $8.87 3/4, down 14 cents.

Soymeal and soyoil futures also fell, with September soymeal hitting a new contract low.

AgroConsult estimated soybean plantings in Brazil would rise by more than 1 million hectares to 37.9 million for the 2020/21 season, with the harvest seen at a record 132.6 million tonnes.

StoneX released a 54.2 bpa projection on Monday, as USDA will give their first survey driven estimate next Wednesday.

Meanwhile US and China trade representatives reportedly plan to meet via video conference on August 15 to assess compliance by China on the Phase One deal.

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

Support and Resistance for active contract lies at $8.69 and $9.01 per Bushel, respectively.

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