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Week Ahead: CBOT soybean may see recovery on unfavourable U.S. crop weather

8 Aug 2022 12:49 am
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Mumbai, Aug 8 (Commoditiescontrol) CBOT soybean complex witnessed bearish mood last week with more than 4% drop in soybean prices while soybean and soyoil declined by 3.2% and 2.6% on a weekly basis. However, trade analysts expect some recoveries in soybean prices due to adverse weather conditions in the U.S. Midwest, the main soybean growing belts. Soyoil pries are also expected to recover a little taking cues from the other commodity like crude oil and other edible oil markets as well which may see upward movement after a considerable fall witnessed last week.

CBOT November soybean futures settled down 9 cents at $14.08-3/4 a bushel. On a weekly basis, the benchmark contract dropped 4.1% on Friday.

CBOT December soymeal was down $15.60 at $405.10 a ton and CBOT December soyoil gained 2.55 cents to 63.97 cents per lb. Soymeal futures fell 3.2% this week while soyoil dropped 2.6%. Soyoil futu0res have fallen in eight of the last nine weeks.

Malaysian palm oil futures rebounded on Friday tracking Chicago soyoil, but the contract logged its first weekly loss in three on expectations of rising supplies. Palm oil prices dropped 9.6% on a weekly basis.

However, production worries due to workers shortages are raising concerns about the quality of the processed crude palm oil and yields are on the decline, as per the reports,

Private analytics firm IHS Markit Agribusiness forecast 2022 soybean production of 4.530 billion bushels, with an average yield of 51.8 bushels per acre. Both the yield and production forecasts were bigger than the U.S. Agriculture Department's July estimates.

Private exporters reported the sale of 132,000 tonnes of soybeans to China and 132,000 tonnes of soybeans to unknown destinations, the USDA said on Friday morning. Both deals were for delivery during the 2022/23 marketing year.

(By Commodities control Bureau; +91 9820130172)

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