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CBOT Soybean Moderately Up on Planting Concerns

16 Apr 2019 5:20 am
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Mumbai (Commoditiescontrol)— Soybean prices found modest gains to start the week on planting delay concerns and general optimism over U.S.-China trade progress. Flooded fields and cold weather across large portions of the Midwest and Plains helped soybean futures capture modest gains. May futures added 3.5 cents to $8.9875, with July futures up 3.75 cents to $9.1250. May 19 Soybean Meal closed at $311.00, up $3.10, May 19 Soybean Oil closed at $28.81, down $0.14

Preliminary volume estimates were for 175,602 contracts, staying above Friday’s final count of 142,194.

Private exporters reported the sale of 5.1 million bushels of soybeans for delivery to unknown destinations for the 2018/19 marketing year, which began September 1.

Last week, soybean export inspections reached just 16.9 million bushels, about half of the prior week’s tally of 32.7 million bushels and on the low end of trade guesses, which ranged between 16 million and 33 million bushels. China was the No. 1 destination, with 4.8 million bushels.

The National Oilseed Processors Association exceeded analyst expectations by reporting a March crush of 170.011 million bushels. That’s moderately ahead of February’s total crush of 154.498 million bushels and slightly behind year-over-year results of 171.858 million bushels last March.

The Brazilian 2018/19 soybean harvest is moving slightly ahead of schedule, at 88% complete, according to consultancy AgRural. Last year’s pace at this time was 85%. AgRural anticipates a total production of about 4.211 billion bushels, moving 1.5% higher than previous forecasts after receiving some beneficial rainfall in February and March.

European Union soybean imports for 2018/19 reached 418.9 million bushels as of April 14, trending 9% higher year-over-year. EU palm oil imports are roughly the same from a year ago, meantime, with EU soymeal imports down 9% year-over-year.

Trade talks between China and the US continued, with media reporting that the US was considering accepting some form of reciprocal enforcement mechanism – a development that most saw as a trade deal becoming more likely.

China’s Ministry of Agriculture and Rural Affairs published figures that showed live pig stocks shrank 1.2% over March compared to February as the swine fever outbreak continues.

Some uneven earnings reports from Goldman Sachs and Citigroup yesterday had Wall St. on its heels, with the Dow sinking 33 points in to 26,379. Energy futures made a moderate retreat Monday, with crude oil, gasoline and diesel all down 0.5% to 1% in previous trading session. The U.S. Dollar softened fractionally.

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