Login ID:
Partner Login
Contact Us : 7066511911

CBoT Soybean Settles Up For 2nd Consecutive Week Buoyed By South American Logistics Concerns

28 Mar 2020 8:50 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – CBoT Soybean goes into the weekend on a mixed note, as May and July were higher, while the nearby August and September contracts were flat to Low. For the week, May futures ended 19 cents higher.

Chicago Board of Trade soybean futures edged higher on Friday, supported by technical buying and worries that measure to curb the coronavirus pandemic could curb South American soy shipments, traders said.

The supply of soybeans to Argentine crushing plants is down by half and falling, the Rosario grains exchange said, as municipalities citing health concerns defied a government order that they allow cargo trucks to reach the plants.

CBOT May soybeans settled up 1 ¼ cents at $8.81 ½ per bushel. For the week, the contract rose 2.2%, its second straight weekly advance. July Soybeans closed at $8.85 ¼, up ½ cent. August Soybeans closed at $8.85 ¾ and September Soybeans closed at $8.79, down 1 ½ cents.

CBOT May soymeal ended Friday up 20 cents at $323.10 per short ton, while May soyoil rose 0.35 cent at 26.85 cents per pound.

Meanwhile, the IGC has projected the world soybean crop at 366 MMT vs. 341 MMT the previous year.

Brazilian firm Safras & Mercado lowered its forecast of the country's 2019/20 soybean crop to 124.2 million tonnes, from 124.5 million in February.

Brazil has shipped 7.18 MMT this month so far. The Foreign Trade Department forecasts the month total at 9.5 MMT; 12% increase yr/yr.

Analysts surveyed on average expect the U.S. Department of Agriculture in its March 31 plantings report to project U.S. 2020 soybean seedings at 84.9 million acres, up from 76.1 million last year.

Private exporters reported an export sale of 163,290 MT of soybeans to Mexico with a 2019/20 MY delivery.

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

Support and Resistance for active contract lies at $8.68 and $8.95 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
NAFED Procures 647698.43 MT Mustard Seed In Rabi-2020 ...
NAFED Procures 677.71 MT Groundnut In Rabi-2020 Season ...
Govt May Ban Sale Of Loose Edible Oil; Demand For Bran...
Gujarat: Groundnut Cultivation Expected In Record 19 L...
Indonesia To Keep CPO Export Tax Unchanged for June
Top 5 News
Skymet Announces Monsoon Arrival In Kerala, IMD Differs...
Maharashtra Cotton Prices Quoted Unchanged
M.P. Cotton Prices Unchanged Amid Weak Demand, Steady A...
Cotton Prices Weaken In Gujarat
Cotton Prices Steady As Rains Disturb Trade In Lower Ra...
Top 5 Special Reports
Weekly: ICE Raw Sugar Ends Nearly Flat Aided By Strong...
USD/INR (Jun. 20) Consolidating in a Multi-Week Rang...
USD/INR (Jun. 20) Consolidating in a Multi-Week Rang...
USD/INR (May 20) Consolidating in a Multi-Week Range...
Cotton Yarn Prices Set To Slide About 9%; Buying Oppor...
Copyright © CC Commodity Info Services LLP. All rights reserved.