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CBOT soybean futures jump 5-month peak amid expectation of high exports

21 Jan 2022 8:16 am
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Mumbai, January 21 (Commoditiescontrol) Soybean futures rose sharply on the Chicago Board of Trade by 2.5% on Thursday to a five-month high amid expectations of high U.S. exports due to concerns about crop shortfalls in Brazil and Argentina. The technical buying accelerated the gains and the benchmark CBOT March soybean futures contract closed above the high end of its 20-day Bollinger range, an analyst said.

Soybean futures rose to the highest level since August 13,2021 on the CBOT.

Soymeal and soyoil futures also settled higher, with the most-active soyoil contract hitting its highest since Oct. 26.

The market analysts expect U.S. Agriculture Department report on Friday morning to show that soybean export sales in a range between 700,000 and 1.5 million tonnes in the week ended Jan. 13. A week earlier, soybean export sales totaled 918,598 tonnes.

China's soybean imports from the United States in 2021 rose from the previous year as it stepped up agricultural purchases under a trade deal agreed with Washington, while annual Brazilian shipments fell, customs data showed.

CBOT March soybeans ended 34-1/2 cents higher at $14.25-3/4 a bushel. CBOT March soyoil settled 2.12 cents higher at 62.88 cents per pound and CBOT March soymeal held $2.50 up at $400.80 a ton on Thursday.

Malaysian palm oil prices set new highs on Thursday, up 36 ringgits to 5,363/MT. The March Canadian canola prices extended the rally though Thursday, and are now $21 CAD/MT off their LOC high. European rapeseed futures were also stronger on Thursday, though prices there are still 9% from their Jan 7 high.

(By Commodities control Bureau; +91 9820130172)


       
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