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Oilseed Commentary: Soybean traded higher on weather troubles in Brazil

3 Mar 2021 8:31 am
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Mumbai (Commodities Control) – The most-active CBOT soybean contract jumped 21-1/4 cents to $14.12-1/2 a bushel. Last week, it traded up to $14.45-3/4 a bushel, the highest price since June 2014, on U.S. supply concerns.


Chicago Board of Trade soybean futures closed firmer on Tuesday amid concerns about unfavorable crop weather in Argentina and Brazil.


Rains in Brazil, the world's top soybean exporter, could slow fieldwork and soybean loadings for shipment.


In Brazil, soybean harvesting and corn planting are furthest behind schedule in south-central Mato Grosso.


Widespread rains in Mato Grosso over the next week should keep fieldwork behind the normal pace.


Traders are also watching unfavorably dry, hot weather in Argentina, a major soymeal exporter.


CBOT Soybean futures are likely to trade in range $14.0/$13.6 per bushel in for coming sessions.


NCDEX Soybean futures trade lower as per our expectations today. Prices are likely to follow towards 4900/5000 Rs/Qtl.


(Commodities Control Bureau)


       
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