Mumbai, September 29 (Commoditiescontrol) Soybean futures settled a tad up on the Chicago Board of Trade (CBOT) on Wednesday after a choppy session as strength in corn and wheat offset pressure from the expanding U.S. soy harvest and declines in rival Malaysian palm oil futures.
CBOT November soybeans settled up 3/4 cent at $14.08-3/4 per bushel.
CBOT December soymeal ended down 90 cents at $412.70 per short ton while December soyoil fell 0.24 cent to finish at 62.15 cents per lb after hitting 60.75 cents, its lowest since Aug. 4.
Soyoil was pressured as Malaysian palm oil futures hit a near 20-month low on fears that a global recession would hurt demand for edible oils. POI/
Soybean production in Argentina is expected to rise to 48 million tonnes in 2022/23, up 15.5% from the prior year, the Buenos Aires grains exchange said in its first estimates for the new season.
Ahead of Thursday's weekly export sales report from the U.S. Department of Agriculture, traders expect the government to report U.S. soybean sales in the week ended Sept. 22 at 250,000 to 850,000 tonnes.
Traders await fresh fundamental direction from Friday's quarterly U.S. grain stocks report from the USDA.
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