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CBOT soybean futures end higher on Chinese buying, soyoil surges over 2%

3 Dec 2021 6:07 am
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Mumbai, December 3 (Commoditiescontrol) Soybean futures settled higher on the Chicago Board of Trade (CBOT) as Chinese demand and a sharp recover by over 2% in soyoil futures helped lift prices amid the hopes that the Omicron COVID-19 variant will prove mild and will not halt a strongly recovering U.S. economy. Soybean futures finished higher on Thursday after a fall witnesses for four consecutive sessions.


Soybean futures were up double digits on Thursday as prices continued to recover from the sharp post Turkey Day and Month End selloff. Soymeal prices were mixed but mostly higher for Thursday, gaining $1.50 in the in-delivery December contract and closing within 30 cents of unchanged through March ’22. Soybean oil futures were up by triple digits at the close.


CBOT January soybean futures settled up 16 cents at $12.44-1/4 a bushel. The most-active contract on Tuesday traded down to $12.14-1/4 a bushel, the lowest price since Nov. 11.


CBOT January soyoil on Thursday ended up 1.16 cent at 56.34 cents per lb, while January soymeal closed $0.30 lower at $348.80 per ton.

Chinese importers bought 130,000 tonnes of U.S. soybeans, the U.S. Department of Agriculture said in a daily sales announcement. Exporters struck deals to sell another 164,100 tonnes of U.S. soy to undisclosed buyers, the USDA said.


Soybean bookings from the weekly export sales report came in at 1.063 MMT for the week that ended Nov 25 which was in line with the range of estimates, but 33% under last week and 32% below the same week last year. The weekly report confirmed China was the top buyer, though 462k of their 657k were previously reported as unknown. USDA data showed 2.327 MMT of beans were shipped during the week, which was 4% under the same week last year. Accumulated shipments trail last season by 23% with 21.07 MMT shipped MYTD through Nov 25.


Weekly Export Sales data showed 146,689 MT of soymeal were booked. That was up 7% from last week and 6% from the same week in 2020. The trade was looking for between 100k and 200k to be reported. BO sales were 49,323 MT through the week of 11/25, but included a previously announced 30k MT sale to India.


(By Commodities control Bureau; +91 9820130172)


       
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