Mumbai, May 3, (Commoditiescontrol):The Chicago Board of Trade (CBOT) saw a slight decline in soyoil prices on Thursday, with fresh positions in the soyoil/meal spread trade weighing on values. Meanwhile, soybean futures rallied on short covering and concerns about adverse weather in Brazil and potential labor disruptions in Argentina.
CBOT July soyoil closed at 43.24 cents per pound, down 0.02 cents. CBOT July soybean futures jumped 28-3/4 cents to close at $11.99 per bushel, while CBOT July soymeal gained $15.9 to settle at $364.9 per short ton.
Market data from May 2nd showed net buying of 12,000 soybean contracts and 7,000 soymeal contracts, while soyoil funds position was neutral.
In Brazil, heavy rains and flooding are disrupting the final stages of the soybean harvest in Rio Grande do Sul. State crop agency Emater estimates that 34% of the crop remains unharvested.
US soy oil stocks were reported at 2.369 billion pounds, exceeding trade estimates and reaching the highest level since May 2023. South American trading in soy oil from Argentina and Brazil saw varied basis and FOB values.
ICE canola futures climbed for a second day in sympathy with soybeans, with the most active July contract settling at $636.90 per metric ton.
The Bursa Malaysia Derivatives Exchange saw its July BMD CPO contract rise 26 ringgit to 3,844 ringgit per metric ton. Chicago Board of Trade soy oil prices inched up 0.62%.
The Dalian Commodity Exchange remains closed until May 5th for International Labour Day holidays.
EuroNext commodities exchange reported August 2024 futures contracts settling at Euro 466.50 per metric ton, up 8.25 euros/Mt.
Soyoil prices likely face near-term downward pressure due to rising inventories due to reduced usage US biofuel production. Additionally, Argentina's recovering soybean crop should ensure ample supplies of soymeal and soyoil, further contributing to the pressure on prices.
(By Commoditiescontrol Bureau; +91-9820130172)
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