Mumbai, 21 May (Commoditiescontrol) CBOT soybean complex settled mixed this week as soybean and meal rose sharply on the prospects of higher U.S. exports but soyoil prices remained lower on a weekly basis.
The most active contract of soybean added 3.57% higher on a weekly basis while soyoil July contract lost 3.41% ac compared to the last week. But, July contract of soymeal rose $20.6 or 5.03% on a weekly basis.
Chicago Board of Trade soybean futures gained on Friday, supported by export optimism and tight stockpiles, as per the trade analyst.
CBOT July soybean futures added 14-3/4 cents to $17.05-1/4 a bushel.
For the week, the CBOT's most active soybean contract added 58-3/4 cents, a 3.57% weekly increase.
CBOT July soyoil ended up 1.40 cents at 80.93 cents per lb while CBOT July soymeal futures gained $4.60 to end at $429.90 per ton.
Top palm oil producer Indonesia announced it would reinstate a requirement to allocate a certain volume for the domestic market as it lifts a recent export embargo.
China's soybean imports from Brazil in April surged to 6.3 million tonnes, up 120% from the previous month, customs data showed, with the arrival of delayed cargoes. The figures were up from the 5.08 million tonnes China received from Brazil in the same month last year
CFTC reported managed money firms were 147,335 contracts net long as of the 5/17 settle. That was a 16,674 contract stronger net long from the week leading into the WASDE report, mostly fueled by new spec buying. Commercial bean traders added 5k new shorts for a 4,134k contract stronger net short of 233,528. In soymeal, the weekly CoT report showed managed money closed 11.8k existing longs and sold 4.56k contracts short for their weakest net long since December at 35,923 contracts. As of 5/17 managed money traders were 86,237 contracts net long in soy oil, a 2,139 contract lighter net position on a weekly basis.
Trade sources indicate that Indonesia will begin allowing palm oil exports again starting Monday. Shippers will still have to divert 20% of production to the domestic market.
The Buenos Aires Grains Exchange estimated soybean harvest at 78% complete compared to 65% last week.