Login ID:
Partner Login
Contact Us : 7066511911

Soybean surges to 7-month high on supply worries

28 Jan 2022 8:29 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
BMD CPO gains for 2nd day, ends over 1% higher on exter...
Indonesia palm oil firms to get bigger export quotas un...
Oil Spot Prices - 28 June 2022
Mustard complex continues its bullish trend ...
Top 5 News
Sugar prices continue to trade flat in Mumbai
BMD CPO gains for 2nd day, ends over 1% higher on exter...
Indonesia palm oil firms to get bigger export quotas un...
Season 2021-22: Kapas arrivals at 4,500 bales on June 2...
Cotton softens in AP & Telangana on lower buying
Top 5 Special Reports
SOPA seeks rollback of customs duty exemption on edibl...
Pigeon Pea (Akola) Inflection Point: Trading Near Ran...
Castor Oil (Kadi) Counter-trend Decline / Next Key Su...
Week Ahead: White Pea prices to remain range bound on l...
Week Ahead: Moong prices unlikely to see fall from curr...
Copyright © CC Commodity Info Services LLP. All rights reserved.