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CBOT soybean complex settles mixed amid profit-booking

27 Oct 2021 8:20 am
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New Delhi, October 27 (Commoditiescontrol) CBOT Soybean futures settled a tad higher on Tuesday as slack tone in soyoil and meal limited upsides in soybean prices. However, soybean gained support from the signs of good overseas demand for U.S. supplies. Besides, rainfall in some major growing areas is expected to delay harvest which supported CBOT soybean in the last session.


Strength in the cash market also was a factor as heavy rains across the Midwest have slowed harvest and left some dealers short of soybeans to crush or ship to exporters at the Gulf, said a trade analyst.


But prices closed below their highs on a round of profit taking.

The benchmark CBOT November soybeans futures contract ended 3/4 cent higher at $12.38 a bushel. CBOT December soyoil ended 0.83 cent lower at 62.31 cents per pound and December delivery soymeal futures declined 30 cents to $326.90 a ton.The December soymeal contract found technical support at its 20-day moving average, said a trade analyst.


Commodity funds were net buyers of Chicago Board of Trade soybean futures contracts but they were net sellers of soyoil and soymeal futures.

Private exporters reported the sale of 199,000 tonnes of soybeans to China and 125,730 tonnes of soybeans to Mexico for delivery in the 2021/22 marketing year, as per the USDA.


Indian edible oil and oilseed market may remain under pressure tracking global cues and steps being taken by the states in order to check the abnormal surge in edible oil prices during Diwali festivities. As many as 18 states are reportedly in the process of imposing stock holding limits on oilseeds and edible oils after being empowered by the Centre for doing so.


(By Commodities control Bureau; +91 9820130172)


       
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