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CBOT soybean rises on hot, dry U.S. weather forecast for August

5 Aug 2022 8:00 am
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Mumbai, Aug 5 (Commoditiescontrol) CBOT soybean futures surged on Thursday, as traders considered a hot, dry U.S. weather forecast for August, a critical development month for the oilseed.

The benchmark Chicago Board of Trade November soybean futures contract settled up 49-1/4 cents at $14.19 a bushel.

Soybean futures had fallen for three days in a row previously.

A weak dollar helps to support grain and oilseed prices

CBOT December soymeal gained 5.6% to $420.5 a ton and CBOT December soyoil rose 0.8% to 61.49 cents per lb.

U.S. weekly soybean net export sales for the new marketing year for the week ending July 28 were 410,600 tonnes, in line with expectations.

The weekly Export Sales report had net cancelations of 11k MT for old crop bean bookings during the week that ended 7/28. Analysts were expecting as much as 100k MT of cancelations. Purchases from China and Mexico were being offset by reductions from Unknown and Bangladesh.

For new crop, the USDA reported 410,580 MT were sold. That was within the 200k to 700k MT expected range and took the forward book to 15.26 MMT. The forward book was 10.6 MMT during the same week in 2021.

Weekly shipments were marked at 527,605 MT, mostly to Mexico. Through 7/28 accumulated exports reached 53.896 MMT compared to 59.316 MMT during last year’s record campaign.

For the products, FAS reported old crop meal sales of 186,642 MT for the week of 7/28 and 1,321 MT of soy oil. For meal that was at the top end of the range and took the 21/22 commitments to 11.597 MMT. For soy oil, that was at the bottom the expected range and left commitments at 693k MT.

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