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Review: Soybean complex settles mixed on weekly basis

22 Jan 2022 8:54 am
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Mumbai, 22 January (Commoditiescontrol) Soybean futures settled lower on Friday on the Chicago Board of Trade after rallying sharply on Wednesday and Thursday but prices held over 3% higher compared to last week’s closing. However, soymeal futures ended the week over 3% lower but soyoil futures maintained bullish trend for the week adding 7.76% compared to last week.

CBOT March soybean futures closed 11¼ cents lower at $14.14 per bushel. March soymeal futures closed $8.10 per short ton lower at $392.70 per short ton. CBOT March soyoil futures ended 0.12¢ higher at 63.00¢ per pound.

Soybeans prices dropped in the last session of the week on profit taking and technical selling, along with spillover from soybean meal, but still closed higher on the week, a trade analyst said today. Soybeans continued to watch South America, with a general return to hot, dry weather expected early next month, he added.

Recent rainfall has favored Argentina over southern Brazil. CONAB’s next set of projections for Brazil is out February 10th. China bought 132,000 tons of 2021/22 U.S. soybeans, answering some recent rumors. Soybean export sales for the week ending January 13th were down on the week, but up from the four-week average, with solid old crop sales to China and Mexico against a cancellation by unknown destinations.

After rallying sharply on Wednesday and Thursday, soybeans eased back 10 3/4 to 11 1/2 cents on the week’s final trading day. For the March contract, that capped the week’s gain at 3.25%. Soymeal futures were $6.40 to $8.10 in the red on Friday, that completed the week with a $12.90 loss in the March contract. Soybean oil futures rallied to new highs this week, having gained 7.7% from Friday to Friday.

USDA announced a reportable private export sale this morning as China booked 132k MT of soybeans. The weekly data showed 671k MT of beans were booked during the week that ended 1/13. That was at the low end of pre-report estimates and down 63% yr/yr. Bean exports were 1.8 MMT for the week, leaving the MYTD export program at 33.4 MMT (1.23 bbu). USDA data still had 9.7 MMT of bean bookings on the books for 21/22. Next MY beans had 994k MT on the books.

The weekly CoT report had soybean spec traders at 99,639 contracts net long on 1/18. That was a 7,240 contract weaker net position than the previous week, due to net new spec selling. Commercial bean traders were just 1,720 contracts less net short at 249,506. In the products, CFTC reported managed money 64,743 contracts net long in meal and 58,208 contracts net long in soy oil. Compared to last week, spec traders were selling meal for a 8,177 contract weaker net long. In BO that net long was 2,301 contracts stronger to a 6-week high.

(By Commodities control Bureau; +91 9820130172)

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