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CBOT soybean complex continues its bullish trend on U.S. crop faces hot weather

28 Jul 2022 7:52 am
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Mumbai, July 28 (Commoditiescontrol) Soybean futures rose for a fifth consecutive session on Thursday at Chicago Board of Trade (CBOT) to their highest levels in 4 weeks as hot and dry weather conditions expected in parts of the U.S. Midwest threatened to curb yields. CBOT soybean futures for delivery in November have added 9.85% in five straight sessions.

The most active November contract of soybean was trading 19-1/2 cents or 1.40% higher at $14.29-1/2 per bushel during Asian hours today after adding 1.90% higher on Wednesday.

CBOT's most-active November soybean contract was trading at the highest level since June 30.

CBOT December delivery soyoil futures were trading 2.26% higher at 60.53 cents per pound on Thursday after adding 2.14% in the last session. Soyoil futures extended their rally for the third consecutive day.

CBOT Soymeal December futures continued their rally for the fourth consecutive session today during Asian hours. December delivery soymeal futures have surged over 12% in four straight sessions.

CBOT August soybeans gained 46 cents to $15.78-3/4 a bushel, while November soybeans added 26-1/4 cents to $14.10 a bushel on Wednesday.

CBOT's most-active December soyoil futures ended 1.24 cents higher at 59.19 cents per lb, while CBOT December soymeal gained $8.30 to $426.10 per short ton in the last session.

Going into the weekly export sales report the trade is looking for old crop bean sales to be reported between 200k MT of cancelations and 300k MT of net new sales. For new crop business the trade is looking for between 100k and 500k MT from the week that ended 7/21.

For the products, 21/22 meal bookings are estimated between 50,000 and 300,00 MT from the week that ended 7/21. NMY sales are expected to be below 150k MT. Soy oil bookings are expected to be under 20k MT for 21/22 delivery with up to another 10k MT for 22/23.

Despite Covid induced travel restrictions and safety protocols, Indonesia’s President Joko Widodo (Jokowi) met with China’s President Xi Jinping in China discussing ag trade.

(By Commodities control Bureau; +91 9820130172)

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