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CBOT soybean continues its rally on fresh Chinese buying

1 Dec 2022 5:48 am
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Mumbai, December 1 (Commoditiescontrol) Soybean futures at Chicago Board of Trade (CBOT) continued their a week-long rally on Wednesday amid hopes of fresh demand from China as the top is expected to ease COVID-19 induced restrictions. CBOT soybean futures surged on fresh sales to China and optimism that the top global soybean importer will ease COVID-19 restrictions, a market analyst said.


CBOT January soybeans settled up 10 cents to $14.69-1/2 per bushel.

CBOT January soymeal gained $10.20 at $417.80 per short ton, and January soyoil slipped 1.1 cents to settle at 71.88 cents per pound.

On a continuous basis, the most-active soybean futures contract hit its highest since Sept. 21.

Most-active soybeans gained 3.5% for November.



Exporters sold 136,000 tonnes of soybeans for delivery to China during 2022/23, the U.S. Department of Agriculture said.



The U.S. Environmental Protection Agency is expected to propose by the end of this week the amount of renewable fuels that oil refiners must blend into their fuel mix for 2023 and beyond, two sources familiar with the matter said.


Argentine farmers nearly doubled soybean sales on Tuesday from the day before, the major Buenos Aires grains exchange said, after a preferential exchange rate went into effect for exports of the cash crop.



U.S. soybean crushings likely jumped to a 10-month high in October to 5.877 million short tons, or 195.9 million bushels, according to a survey conducted ahead of a monthly U.S. Department of Agriculture report today.


       
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