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CBOT soybean futures see steep fall due to increased U.S. stocks

1 Oct 2022 8:02 am
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Mumbai, October 1 (Commoditiescontrol) Soybean futures at the Chicago Board of Trade (CBOT) saw steep fall on Friday, pressured after the U.S. Agriculture Department increased its stockpile assessment beyond analyst expectations.


CBOT November soybeans settled 46 cents lower at $13.64-3/4 per bushel, its lowest since Aug. 4.



The most-active soybean contract lost 4.28%, on a weekly basis which is its biggest weekly fall since the week ended June 24, 2022.



CBOT December soymeal lost 4.2 cents to $403.00 per short ton while December soyoil fell 2.30 cents to finish at 61.56 cents per lb.



The U.S. Department of Agriculture increased its assessment of U.S. soybean stockpiles, to 273.76 million bushels, above trade expectations of 242 million bushels.



The volume of soybeans crushed by U.S. processing plants likely dropped to 5.263 million short tons in August, or 175.4 million bushels, according to the average forecast market analysts, ahead of a monthly USDA report due Monday.


       
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