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CBOT soybean settles firm on short-covering ahead of USDA’s acreage report

30 Jun 2022 6:48 am
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Mumbai, June 30 (Commoditiescontrol) CBOT Soybean futures rose on Wednesday, extending gains for the fourth consecutive session amid short-covering, ahead of a key USDA’s acreage report.

Traders expect the U.S. Department of Agriculture to show a cut to the estimated soybean acres in its acreage and stocks report today.

CBOT July soybeans ended up 10-1/2 cents at $16.74-1/4 per bushel, while new-crop November rose 15-3/4 cents to settle at $14.78-1/4 per bushel previous day.

CBOT July soymeal ended up $8.10 at $463.20 per short ton, while most-actively traded December soymeal settled up $6.80 at $407.00 per short ton.

July soyoil settled up 0.510 cent at 72.60 cents per pound, while most-actively traded December soyoil ended up 0.220 cent at 66.98 cents per pound.

Brazil will harvest nearly 148 million tonnes of soybeans in the coming season, and the planted area in Brazil, the world's biggest soy supplier, could grow nearly 3% to 42.2 million hectares (104.2 million acres), according to the findings of a Reuters poll on Wednesday.

Ahead of the USDA's weekly export sales report on Thursday, traders expect the government to report soybean export sales of negative 100,000 after cancellations to 300,000 tonnes for the 2021-2022 crop year, and 100,000 to 500,000 tonnes for the 2022-2023 crop year.

Spot basis offers for U.S. soymeal were unchanged at processors in both the rail and truck markets on Wednesday, though demand was firm ahead of the U.S. Independence Day holiday weekend, dealers said

(By Commodities control Bureau; +91 9820130172)

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