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CBOT Soybean Manages To Close Higher

18 Jan 2020 8:09 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures closed higher on Friday as a surge in corn futures helped soybeans rally after a two-session sell-off, traders said.

CBOT March soybeans settled up 5-3/4 cents at $9.29-3/4 per bushel. May Soybean closed at $9.43, up 5 3/4 cents. July Soybean ended at $9.55 1/2, up 5 1/2 cents and Aug Soybeans settled at $9.59 1/4, up 5 1/4 cents. For the week, the contract fell 16-1/4 cents or 1.7%, its first decline in seven weeks.

CBOT March soymeal ended steady at $300.60 per short ton while March soyoil rose 0.32 cent to finish at 33.35 cents per pound, gaining against soymeal on oil/meal spreading.

The spot CBOT oilshare, measuring soyoil's share of value in soy products, rose to 35.65 percent after dipping to 35.26 percent, its lowest level in a month.

The Buenos Aires grains exchange on Thursday lowered its estimate for Argentina's 2019/20 soy planting area to 17.4 million hectares from 17.5 million hectares previously due to dry conditions.

Traders continue to mull the implications of this week's U.S.-China trade pact. In the long-anticipated conclusion of a "Phase 1" trade deal with Washington on Wednesday, top global soy buyer China committed to increase purchases of U.S. farm products by $32 billion over two years.

However, China's pledge to buy U.S. agricultural goods based on "market conditions" fueled skepticism that the targets could be met.

The CFTC released their weekly CoT report with data from 14th January. Within the report soybean speculative traders were 6,290 contracts net long, marking the second consecutive week in which they were net long. Managed money open interest for soybeans was at the lowest level since Jan 29th of last year.

Soybean meal saw managed money net short 31,720, which was a strengthening of 3,806 contracts on weekly basis. Managed money was 112,911 contracts net long for soybean oil as of Tuesday, with speculative traders’ open interest dropping 1,800 shorts and gaining 249 longs over last Tuesday.

U.S. markets including the CBOT will be closed on Monday in observance of the Martin Luther King Day federal holiday. Trade in CBOT grains for Tuesday resumes Monday at7 p.m. (0100 GMT).

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

Support and resistance for active contract of soybean lies at $9.14 and $9.41 per bushel, respectively.

(Commodities Control Bureau)

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