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CBoT Soybeans Fall as Rising Supplies seen Outstripping Demand

8 Aug 2020 8:35 am
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Mumbai (Commodities Control) - Chicago Board of Trade soybean futures dropped 1.1% on Friday, hitting their lowest since June 30, as traders said supplies will remain robust after a bumper harvest despite big purchases by China.

A drop in the crude oil market added pressure to the soy complex.

Soymeal and soyoil futures also were weak, with soymeal hitting fresh contract lows across the board.

Soymeal futures fell 3.9% this week and soyoil , which hit its highest in nearly six months on Tuesday, was flat.

Soybean futures have fallen for four days in a row. The most-active contract shed 2.6% this week. Benchmark CBOT November soybeans dropped below their 100-day moving average and the low end of the 20-day Bollinger range on Friday. November Soybeans closed at $8.67 1/2, down 10 1/2 cents.

August Soybeans closed at $8.70 1/4, down 10 1/2 cents.September Soybeans closed at $8.65 3/4, down 9 cents and January Soybeans closed at $8.74, down 10 1/2 cents.

The U.S. Department of Agriculture on Friday reported private sales of U.S. soybeans to China of 456,000 tonnes, the biggest single-day soy sale to the world's top buyer since June 11.

For the week, China has booked a known 864,000 MT; and the total new crop bean sales announced this week was 1.116 MMT (as 252k were also sold to unknown destinations).

The weekly Commitment of Traders report showed managed money was 44,219 contracts net long on August 4. That was a 29% reduction to the net position wk/wk via long liquidation. The commercials took some of those longs reducing their net short to 187,971 contracts. Soymeal specs were 20,985 contracts net short on August 4. In bean oil, speculative funds added 11,863 new longs and increased the net long position 10,784 contracts wk/wk to 48,333.

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

Support and Resistance for the active contract lies at $8.58 and $8.84 per Bushel, respectively.

(Commodities Control Bureau)

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