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CBOT soybean futures settle down on macroeconomic fears, U.S. harvest weather

24 Sep 2022 8:13 am
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Mumbai, September 24 (Commoditiescontrol) Soybean futures on the Chicago Board of Trade (CBOT) settled lower for a third straight session on Friday, joining a widespread sell-off in commodities and equities tied to mounting fears of a global recession.

CBOT November soybeans settled down 31-1/4 cents at $14.25-3/4 per bushel. For the week, the November contract dropped 22-3/4 cents a bushel or 1.6% on the CBOT.

CBOT December soyoil ended Friday down 2.78 cents at 63.68 cents per lb and December soymeal dropped $5.60 to finish at $423.30 per short ton.

Spillover pressure was noted from U.S. crude oil futures, which tumbled about 5% on fears of a recession curbing demand for energy. Soyoil sometimes follows trends in crude oil due to its role as the main U.S. feedstock for biodiesel fuel.

Outlooks for favorably dry weather added to bearish sentiment as harvesting expands in the heart of the Midwest crop belt. The U.S. soybean harvest was 3% complete by Sept. 18, the USDA reported.

Meanwhile, South American soybean production will hit a record high in the season that is now being planted, agribusiness consultancy Datagro said, citing an expected area expansion to an all-time high..

(By Commodities control Bureau; +91 9820130172)

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