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CBoT Soybeans Firm on Bargain Buying after Four Lower Closes

26 Sep 2020 8:25 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures rose on Friday, snapping a streak of four straight lower closes on a mild bargain-buying bounce, traders said.
November Soybeans closed at $10.02 1/2, up 2 1/2 cents.January 21 Soybeans closed at $10.06 1/4, up 3 cents.March 21 Soybeans closed at $10.01 1/4, up 4 cents and May 21 Soybeans closed at $9.99 1/2, up 4 3/4 cents.
Meanwhile, October 20 Soybean Meal closed at $336.90, up $3.10 and October 20 Soybean Oil closed at $32.84, up $0.48.

Gains were capped by forecasts for dry weather that should allow U.S. Midwest farmers to accelerate the pace of harvest in the coming days.The market remained underpinned by strong export demand.
Soymeal and soyoil futures also posted higher closes.CBOT December soyoil rose above its 40-day moving average but hit resistance at its 30-day moving average.
Private exporters reported the sale of 100,000 tonnes of soymeal to unknown destinations, the U.S. Agriculture Department said.
For the week, soybeans fell 4.1%, their biggest weekly decline since the middle of March.Soymeal was down 2.3% this week and soyoil was 6.7% lower.
USDA reported a private export sale for 100,000 MT of soymeal to unknown destinations this morning, but no new soybean sales.
From the CoT report, soybean speculative traders were 211,143 contracts net long. That was up 19,369 contracts from 15th-22nd September. In soymeal, speculative traders were 21,551 contracts more net long to 65,248 contracts. Managed money funds were net buyers of bean oil on the week ending 22nd Sep, expanding the net long to over 100,000 contracts.
Commodity funds were net buyers of Chicago Board of Trade soyoil, soybean and soymeal futures contracts on Friday, traders said.

Support and resistance for active contract lies at $9.89 and $10.14 per Bushel, respectively.



       
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