Mumbai, 14 May (Commoditiescontrol) The most active contract of soybean added 1.48% on a weekly basis while soyoil futures rose 3.57% compared to last week on the Chicago Board of Trade (CBOT) amid expectations of strong demand. However, soymeal futures settled 1% down on the CBOT compared to last week.
CBOT soybean complex ended firm on Friday on hopes for increased U.S. export demand.
CBOT July soybean futures finished up 32-3/4 cents at $16.46-1/2 a bushel.
CBOT July soyoil ended up 1.27 cents at 83.79 cents per lb, while CBOT July soymeal futures increased $13.30 to end at $409.30 per ton.
Hopes for increased U.S. soybean sales to China, the world's biggest importer of the oilseed, helped fuel gains. The U.S. Department of Agriculture confirmed exporters sold 132,000 tonnes of U.S. old-crop soybeans to China.
China will sell 500,000 tonnes of imported soybeans from state reserves on May 20, the national grain trade center said. The country has been releasing soybeans from its reserves in weekly auctions in an effort to boost supplies in the domestic market and cool down prices.
Gains in crude oil and equities helped support CBOT soy, trade analysts said.
USDA announced a private Export Sale of 132,000 MT of old crop beans sold to China this morning. USDA’s 25 mbu increased to US exports means total US commitments from exporters are now just over the USDA projection at 2.14 bbu. That is above the normal pace of 97%. Accumulated exports are 82% of the projected total, matching the average pace.
Commitment of Traders data indicated money managers in soybean futures and options cutting 22,592 contracts from their net long as of 5/10. That position stood at 130,661 contracts as of Tuesday.
Ahead of Monday’s NOPA report, analysts estimate 172.37 mbu of soybeans were crushed during April. That would be a record for April if realized, but back off the March total. Soy oil stocks are seen at 1.839 billion lbs.
A day earlier the U.S. govt said that the farmers of the country will harvest a record large soybean crop for the second year in a row this year, but supplies will remain tight due to soaring demand.
Soybean production for the 2022/23 marketing year that ends on Aug. 31 was seen at 4.640 billion bushels, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report.
The outlook compares with market expectations for 4.613 billion bushels. In the 2021/22 marketing year, U.S. soybean production totaled 4.435 billion bushels, the biggest to date.
The USDA, In its latest report, estimated global soybean production in 2022-23 higher at 256.52 million tonnes, compared to 246.06 million tonnes in 2021-22.
The 2022/23 outlook for U.S. soybeans is for higher supplies, crush, exports, and ending stocks compared with 2021/22.
The soybean crop is projected at 4.64 billion bushels, up 5 percent from last year’s crop mainly on higher harvested area.
With slightly lower beginning stocks, soybean supplies are projected at 4.89 billion bushels, up 4 percent from 2021/22.
Total U.S. oilseed production for 2022/23 is projected at 136.6 million tons, up 6.1 million from 2021/22 mainly on higher soybean production.
(By Commodities control Bureau; +91 9820130172)
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