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CBOT Soybean Down On Improving Weather Conditions

8 Jun 2019 8:10 am
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MUMBAI (Commoditiescontrol) – CBOT Soybean closed down on Friday on the forecast of dry weather for next week which could be beneficial for soybean planting.

July futures tilted 12.5 cents lower to $8.5625, with August futures down 12.25 cents to $8.63.

In cash markets, spot basis bids for soybeans were steady to firm supported by a slow pace of farmer selling and uncertainty about production prospects.

CIF/FOB Gulf Spot soybean bids were up due to shipping delays amid record flooding on Midwest rivers.

As per trade sources funds were net seller of 11000 contracts of soybean 3500 contracts of Soymeal and 4500 contracts of soy oil.

Ahead of June’s WASDE report from USDA, out next Tuesday morning, analysts expect the agency to drop its 2019 soybean production estimates from 4.150 billion bushels in May down to 4.123 billion bushels. Analysts also expect the agency to trim its estimates for per-acre yields, from 49.5 bushels per acre to 49.0 bpa.

U.S. President Donald Trump said on Friday Mexico's government had reached a deal with the United States to avert a tariff war by pledging to take "strong measures" to contain the migration of mostly Central Americans crossing the southern U.S. border.

"The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended," Trump said on Twitter on Friday evening.

July Soybean Meal closed at $312.30, down $3.60, July Soybean Oil closed at $27.38, down $0.38.

It seems market has already discounted improved planting conditions now a Us-Mexico deal late Friday evening could be positive for the markets on Monday. Market is likely to get support around $8.40 level.

Support for July contract is $8.39/bu and resistance is $8.72/bu.

(By Commoditiescontrol Bureau)

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