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CBoT Soybeans Settle Higher on Short Covering Ahead of Key USDA Reports

30 Jun 2020 8:06 am
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Mumbai (Commodities Control) – Chicago Board of Trade (CBOT) soybean futures ended modestly higher on Monday as short-covering ahead of key acreage and quarterly stocks reports due on Tuesday from the U.S. Department of Agriculture offset pressure from generally favorable weather outlooks.

CBoT July soybeans settled up 1-1/2 cents at $8.66-1/2 per bushel, turning higher after dipping to $8.60, the contract's lowest since June 17.

CBOT July soymeal ended down $1.60 at $280.50 per short ton, while July soyoil rose 0.42 cent to finish at 27.62 cents per pound.

Traders were squaring positions ahead of Tuesday's USDA quarterly stocks and acreage reports. Analysts during early trades, on average expected the USDA to raise its estimate of U.S. soybean plantings from its March forecast, while June 1 soybean stocks were seen as down from a year ago but still the second-largest on record.

Traders are monitoring U.S. weather as crops develop. Forecasts call for beneficial rain in the western Midwest this week but also above-normal temperatures.

The USDA said 71% of the U.S. soybean crop is in good to excellent, up from 70% the previous week. Analysts had expected no change.

The USDA will on Tuesday issue its latest supply and demand reports. Analysts expect the USDA to show a modest shift in U.S. plantings from corn to soybeans.

The USDA reported export inspections of U.S. soybeans in the latest week at 324,512 tonnes, in line with trade expectations for 275,000 to 550,000 tonnes.

Commodity funds were net buyers of Chicago Board of Trade soyoil and soybean futures contracts on Monday and net sellers of soymeal futures, traders said.

Meanwhile U.S. soybeans edged higher on Tuesday as traders squared positions ahead of a widely watched report, although gains were checked by expectations of ample global supplies.

The most-active soybean futures on the Chicago Board of Trade were up 0.3% at $8.69 a bushel by 0101 GMT, having firmed 0.6% on Monday.

Support and Resisitance for active contract lies at $8.52 and $8.69 per Bushel, respectively.

(Commodiities Control Bureau)


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