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CBoT Soybean Drops To 2-Wk Low On Demand Concerns; Down 3% W/W

4 Apr 2020 8:17 am
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Mumbai (Commodities Control) – Chicago Board of Trade soybean futures fell to a two-week low on Friday, posting the first weekly drop in three weeks as the coronavirus pandemic has disrupted global supplies and stoked concerns about weakening demand.

NASS revised February soybean crush to 175.26 mbu, 6.3 mbu lower than the number released on Wednesday. However it still is a record for the month.

CBOT May soybeans ended down 4-1/2 cents at $8.54-1/4 per bushel. May futures ended 27 cents or 3.1% lower for the week. July Soybeans closed at $8.59 1/2, down 4 1/2 cents. August Soybeans closed at $8.62, down 3 1/2 cents and September Soybeans closed at $8.60 1/2, down 2 cents.

CBOT May soymeal ended down $5.90 at $303.20 per short ton while May soyoil rose 0.19 cent to 26.43 cents per pound.

Traders remain concerned about weaker demand as the coronavirus crisis has triggered higher U.S. unemployment and threatened to tip the global economy into recession.

Brazil's production and exports of soybeans in the 2019/2020 crop year will come in about 4 million tonnes lower than previously forecast due to blistering temperatures and a drought in southern Rio Grande do Sul state, according to consultancy INTL FCStone.

The pace of Argentine agricultural exports picked up on Friday despite heavy-handed measures by some municipalities in defiance of an order exempting trade activities from a nationwide lockdown aimed at slowing the coronavirus pandemic.

The Buenos Aires Grain Exchange lowered their forecast for Argentine soybeans to 49.5 MMT citing lower than expected yields. Brazil shipped 11.64 MMT of beans in March, which was a 35.5% boost from March last year.

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

Support and Resistance for the active contract lies at $8.42 and $8.70 per Bushel, respectively.

(Commodities Control Bureau)

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