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CBOT Soybean Close: CBOT Soybean Drop After NOPA Report Misses Expectations

16 Jan 2021 9:00 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures fell on Friday, notching the biggest daily loss since Dec. 9 on pressure from a report that showed the U.S. crush was smaller than expected in December.


Traders also noted some profit-taking ahead of the weekend following the market's rise to a 6-1/2-year high earlier this week.


Soyoil futures dropped sharply, following a steep decline in the crude oil market. Soymeal futures also ended in negative territory.


But soybeans still posted a weekly gain of 3.1%. The most-active contract has risen for five weeks in a row, its longest stretch since a six-week rally that ended in late September.


National Oilseed Processors Association members crushed 183.159 million bushels of soybeans in December, the second biggest monthly crush on record but below the average of market forecasts.


CBOT Soybeans futures are likely to retreat towards $14.30/bu in coming sessions.


(Commodities Control Bureau)


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