Login ID:
Partner Login
Contact Us : 7066511911

CBoT Soybeans End Lower on Profit – Taking after Climbing Above $10

16 Sep 2020 8:28 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Chicago Board of Trade soybean futures closed lower on Tuesday, retreating from two-year highs above $10 a bushel as traders booked profits and forecasts called for favorable weather for the start of the Midwest harvest, traders said.

CBOT November soybeans settled down 8 cents at $9.91-1/2 per bushel, a day after reaching $10.08-3/4, the highest for a most-active contract since June 2018.

Technical selling accelerated as the November contract fell below Monday's low of $9.96.

Before Tuesday's trade, the November contract had closed higher in 14 of the last 15 sessions.

CBOT December soymeal ended down $2.80 at $319.20 per short ton on Tuesday and December soyoil fell 0.14 cent to settle at 34.15 cents per pound.

Weak crushing data weighed on futures. The National Oilseed Processors Association (NOPA) said its members processed 165.055 million bushels of soybeans in August, a nine-month low that fell below the average trade estimate of 169.5 million. Also, that was down 2% yr/yr and below the trade average guess of 169.47 mbu. 

That yielded 1.915b lbs of oil and left August 31 bean oil stocks at 1.519 billion lbs. The trade was looking for 1.515 billion lbs of bean oil stocks. 

Safras and Mercado estimate Brazil’s new crop bean exports at 82.5 MMT; even with last year but down 500, 000 MT from the August estimate.

Forecasts called for warm and dry weather in the U.S. Midwest for the next two weeks, which should jump-start the harvest of soybeans and corn.

Export demand helped underpin futures. The U.S. Department of Agriculture (USDA) confirmed sales of 132,000 tonnes of U.S. soybeans to China, along with sales of soybeans to unknown destination. 

Traders shrugged off declining soy condition ratings as crops approach maturity. The USDA late on Monday rated 63% of the U.S. soybean crop as good-to-excellent, down from 65% a week earlier, while analysts on average had expected no change.

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

Support and Resistance for active contract lies at $9.80 and $10.11 per Bushel, respectively.

(Commodities Control Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Mustard Seed Gains Further In Jaipur, Sold In Smaller M...
CBoT Soybeans Firm on Bargain Buying after Four Lower C...
Brazil Soy Prices Near 2012 High
Experts all for Contract Farming, Intercropping to Ac...
Mustard Seed Retreats in Jaipur after Steep Hike; Buyer...
Top 5 News
Mustard Seed Gains Further In Jaipur, Sold In Smaller M...
Heavy Rain Can Cause Discolour To Guar Seed, New Arriva...
Sugar Markets Looks For Decision On MSP Hike, Prices Re...
Cotton Prices Steady in Karnataka amid Zero Arrivals Du...
Cotton Prices Steady in Andhra Pradesh, Telangana as Ar...
Top 5 Special Reports
India’s kharif sowing rose 50 lakh ha. But climate cruc...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
Yellow Mozaic Damages Moong in Rajasthan; Prices Head N...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
USD/INR (Sep ‘20) – Needs a Breakout Above Resistance a...
Copyright © CC Commodity Info Services LLP. All rights reserved.