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CBOT Soybean Future Rallies In Technical Bounce

16 Mar 2019 9:10 am
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Mumbai (Commoditiescontrol)— Soybean prices captured a significant technical bounce Friday, ending the session with double-digit gains. May and July futures each climbed 10.75 cents higher to reach $9.0925 and $9.23, respectively.

For the week, May futures firmed by 1.5%. Soymeal futures were also up 2.3% this week, with soyoil futures slipping 0.6% lower.
Year to date soybean commitments for export are now 16.4% below a year ago, catching up from previous weeks. They are 81% of the USDA export projection, as the 5-year average is 92% and last year was 87%.

The U.S. soybean processing pace slowed by more than expected in February, although the crush was still the largest on record for the month, according to National Oilseed Processors Association (NOPA) data released on Friday. NOPA members, which handle about 95 percent of all soybeans crushed in the United States, processed 154.498 million bushels of soybeans last month, down from 171.630 million bushels in January but up from 153.719 million bushels in February 2018, the previous record for the month.

Last month's crush was expected to fall to 158.730 million bushels, based on estimates gathered by Reuters from 10 analysts. The crush also was below the 154.700 million to 164.27million bushel range of trade estimates.

Soybean oil stocks at the end of February swelled to a seven-month high of 1.752 billion pounds, compared with 1.549 billion pounds at the end of January and 1.856 billion pounds at the end of February 2018, according to NOPA.

Heavy rains have slowed the Brazilian harvest in Parana, which is now behind last year’s pace and about 66% completed according to local sources.

On Friday, China’s government confirmed that pig stocks were down 17% on the year at the end of February and the herd available to breed sows was down 19% - the latest sign that the African swine fever outbreak was having a big impact on feed demand in China.

Moving ahead, dwindling demand from China for US soybean along with unclarity over US-Sino trade relationship and surplus veg oil stock this year shall keep the overall sentiments on bearish note.

(By Commoditiescontrol Bureau) 

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