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Soybean surges to 7-month high on supply worries

28 Jan 2022 8:29 am
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Mumbai, 28 January (Commoditiescontrol) Soybean prices surged to a 7-month high on the Chicago Board of Trade on concerns about a drought-reduced South American harvest but pulled back from the highs as the U.S. dollar strengthened.

CBOT March soybean futures settled 8-1/4 cents higher at $14.48-1/4 a bushel after hitting the highest for a most-active contract since June 16 earlier in the day. All months posted life-of-contract highs during the session.

CBOT March soymeal closed $4.20 higher at $404.70 per ton, while March soyoil futures held 0.41 cent up at 64.34 cents per pound.

Dry conditions in key production areas of Brazil and Argentina underpinned soybean prices, and analysts have been cutting their production and export outlooks, said a repot.

The U.S. dollar soared to its highest levels since July 2020 against other major currencies on Thursday, making dollar-denominated commodities costlier for global buyers.

The U.S. Department of Agriculture said net U.S. soybean export sales totaled 1.228 million tonnes in the week ended Jan. 20, in line with trade forecasts of 750,000 to 1.9 million.

(By Commodities control Bureau; +91 9820130172)


       
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