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CBOT soybean futures settle higher on downgrades crop assessment

27 Jul 2022 7:53 am
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Mumbai, July 26 (Commoditiescontrol)Soybean futures rose at Chicago Board of Trade (CBOT) on Tuesday, underpinned by a downgraded crop condition assessment from the U.S. Agriculture Department.

CBOT August soybeans gained 59-3/4 cents to end at $15.32-3/4 a bushel, while November soybeans settled 37-3/4 cents higher at $13.83-3/4 per bushel.

CBOT's most-active November soybean contract surgedd above it's 200-day moving average, reaching 13.87-1/2 a bushel, it's highest since July 18.

CBOT's Most-active December soyoil futures added 0.40 cents to 57.95 cents per pound, while CBOT December soymeal added $18.70 to $417.80 per short ton.

The U.S. Agriculture Department on Monday afternoon said that good-to-excellent ratings for soybeans fell 2 percentage points to 59% as of July 24, while market analysts were expected it to remain at 60%.

Brazil's soybean exports could reach 7.39 million tonnes in July, according to ANEC, an association representing local grain traders, down from 7.79 million in it's previous forecast.

(By Commodities control Bureau; +91 9820130172)

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