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

28 Mar 2020 8:50 am
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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)


       
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