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Wednesday, January 19, 2022

CBOT soybeans drop to lowest since October

CBOT soybeans drop to lowest since OctoberCHICAGO: Chicago Board of Trade soybeans fell 1.4 percent to their lowest in nearly five months on Tuesday, weighed down by falling soymeal futures and an expanding harvest in South America that weakened prospects for US exports, traders said.

The most actively traded CBOT May soybean contract closed below the low end of its 20-day Bollinger range for the first time since mid-January.

Traders also cited expectations for big US soybean plantings this spring as a reason for Tuesday’s decline.

Soymeal dropped on weakness in the cash market. Dealers said that improving weather around the Midwest during the last few weeks allowed rail operators to clear a backlog caused by icy conditions, cutting demand from end users who had to scramble to meet feeding needs as they awaited train shipments.

The front-month soymeal contract hit its lowest since October 6, bottoming out at $ 317.20 a ton.

Soyoil prices sagged to 1.1 percent to a six-week low, falling on light demand and weakness in crude oil prices.

Copyright Reuters, 2015

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