Mumbai, June 18 (Commoditiescontrol) CBOT soybean complex remained bearish this week due as soyoil prices plunged over 9% as compared to last week’s closing. However, soymeal prices gained. For the week, the most-active soybean contract lost 2.49%, its biggest weekly loss since the week ended May 6. Soyoil July futures dropped over 9% as compared to last week. July soymeal futures on the CBOT gained 2% as compared to last week.
For the week, July soybeans were down by 43 1/2 cents. November was 31 1/4 cents weaker through the week. Red November soybeans for 23/24 output were only down 9 1/2 cents from Friday to Friday. Front month soybean oil futures continued their slide with losses of +3% on the day. For the week, July BO was down more than 8%. USDA saw the B100 cash price in IA at $7.54/gal during the week that ended 6/17. That was down from last week’s $7.79/gal quotes.
Weekly CoT data showed that soybean spec traders were 163,146 contracts net long as of 6/14. That was a 4,218 contract stronger net long wk/wk mostly via short covering. The commercial soybean traders added hedges, with a 22.1k contract boost to OI and a 1,329 contract stronger net short. In soymeal the managed money funds were closing longs for a 712 contract weaker net long of 52,457 contracts. BO specs weakened their net long by 5,827 contracts through the week to 62,996.
Planalytics sees the national average soy yield reaching 51 bpa according to their latest data. They have IA up from 57.7 to 58.1 bpa, with IL at 60.4bpa.
CBOT July soybeans settled 7-1/2 cents lower at $17.02 per bushel on Friday.
CBOT July soyoil lost 2.55 cents to 73.79 cents per pound, while CBOT July soymeal firmed $8.40 to settle at $438.10 per short ton.
Forecasts for hot, dry weather across the U.S. Midwest have growers on alert for damage to recently planted crops, though recent rains are thought to have helped stave off yield damage.
0 Comments 
Post Comment 
