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CBOT soybeans end lower as Argentine weather worries ease

CBOT soybeans end lower as Argentine weather worries easeCHICAGO: Chicago Board of Trade soybean futures fell on Monday for a fourth straight session, pressured by some forecasts for rains in dry crop areas of Argentina, along with worries about the slow pace of US soy export sales.

CBOT January soybeans settled down 7-1/4 cents at $9.82-1/2 per bushel. Chart support noted at the contract’s 100-day moving average near $9.80.

CBOT January soymeal ended down $4 at $327.70 per short ton and January soyoil fell 0.16 cent at 33.46 cents per pound.

Additional pressure from the Commodity Futures Trading Commission’s weekly commitments report on Friday that showed large speculators expanded their net long position in CBOT soybean futures, leaving the market vulnerable to long liquidation.

Traders await the US Department of Agriculture’s monthly supply/demand report on Tuesday.

The US Department of Agriculture reported export inspections of US soybeans in the latest week at 1,229,817 tonnes, in line with trade expectations for 1.1 million to 1.6 million tonnes.

Traders shrugged at USDA confirmation that private exporters sold 132,000 tonnes of US soybeans to unknown destinations for 2017/18 delivery.

The CME Group reported 192 deliveries against CBOT December soymeal futures and 121 soyoil deliveries.

Copyright Reuters, 2017

Source: Brecorder.com

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