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CBOT soybean complex settles mixed

26 Nov 2022 9:53 am
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New Delhi, Nov 26 (Commoditiescontrol) Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean rising and wheat falling.

CBOT January soybean futures climbed 0.25 cents, or 0.02 percent, to settle at 14.36 dollars per bushel. January soybean futures tested resistance at 14.50 dollars. The volume of trade has been holiday reduced.

CBOT soyaoil Jan futures ended 0.49 cents of 0.68% down at 71.71 cents per pound. CBOT soymeal Jan futures $1.1 or 0.27% down at $406.3 per short ton.

Brazil is on its way to a record large soybean harvest amid the recent and coming rain.

Weekly Export Sales data had a 9 week low for soybean bookings with 690k MT sold during the week of 11/17. Shipments were up by 20% on the week to 2.432 MMT for a season total of 16.95 MMT. That is still 20% behind last year’s pace but is 30% of the Nov WASDE forecast. For the products, the weekly report showed 516k MT of meal was sold – a 5-wk high, and 97 MT of net cancelations for soy oil. Traders were looking for 150k-300k MT for meal and >20,000 MT for soy oil. Accumulated bean oil exports trail last year’s pace by 80% through the first month and a half.

Chinese futures Dallian No2 soybean prices were 45 yuan off their high, but still up 61 yuan on Thursday while US markets were closed for Thanksgiving. On Friday the Jan No.2 contract was 194 yuan higher to 5,036 – a 2-wk high.

Northern and Central Brazil has a daily chance of rain for the next 10 days. Southern Brazil and Argentina are dry for the next 5-6 days before showers briefly return. Argentina will need improved rainfall during December.

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