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Friday, January 28, 2022

CBOT spot soybeans consolidate a day after multi-year low

CBOT spot soybeans consolidate a day after multi-year lowCHICAGO: Nearby soybean futures on the Chicago Board of Trade closed fractionally higher on Wednesday as the market consolidated a day after the front contract fell to a 9-1/2 year low, traders said.

CBOT July soybeans settled up 1/2 cent at $8.89-1/2 per bushel while new-crop November ended down 1/2 cent at $9.10-1/2.

CBOT July soymeal fell $1.30 at $333.20 per short ton.

CBOT July soyoil rose 0.52 cent at 29.37 cents per pound, rebounding from a contract low set Tuesday.

Rebound in soybeans capped by ongoing trade tensions between the United States and top global soy buyer China, which sent futures plunging on Tuesday.

Also, forecasts for beneficial Midwest rains this week hang over the market, bolstering early prospects for a big US crop.

Ahead of the US Department of Agriculture’s weekly export sales report on Thursday, traders expect the government to report US soybean sales at 400,000 to 1,000,000 tonnes (old and new crop years combined).

Copyright Reuters, 2018

Source: Brecorder

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