Tuesday, 31 March 2015 01:44
CHICAGO: Chicago Board of Trade soybean futures firmed on Monday as traders squared positions ahead of a key government report on farmers’ planting intentions, traders said.
Signs of stronger-than-expected export demand also lent support to the market, which closed well below its session highs.
Prices for the benchmark Chicago Board of Trade May soybean futures contract hit technical resistance as it neared its 20-day moving average.
Soymeal futures also edged higher, supported by some short-covering and spreading against soyoil.
Soyoil faced a round of technical selling after nearing its 20-day moving average. Weakness in crude oil also weighed on prices.
The US Department of Agriculture (USDA) will release its closely-watched prospective plantings report on Tuesday. Analysts were expecting a record 85.9 million acres of soybeans in 2015.
Soybean stocks as of March 1 were expected to be the largest in three years.
USDA said on Monday that 655,720 tonnes of soybeans were inspected for export in the latest reporting week, up 26 percent from a week earlier and bigger than forecasts for 450,00 to 600,000 tonnes.
Copyright Reuters, 2015
