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Tuesday, May 17, 2022

CBOT soybeans end modestly higher in technical moves

CBOT soybeans end modestly higher in technical movesCHICAGO: Chicago Board of Trade soybean futures settled modestly higher on Wednesday in largely technical moves, traders said, despite a late sell-off that turned the market lower at times near the close.

CBOT November soybeans settled up 1 cent at $8.85-3/4 per bushel.

CBOT December soymeal ended up $1.40 at $323.70 per short ton, while December soyoil fell 0.10 cent to end at 29.56 cents per pound.

Market underpinned by strength in soymeal and expectations of a seasonal upturn in soybean futures.

Rallies capped by improving Midwest harvest weather, projections for a record-large crop and worries about the US trade dispute with top global soy buyer China.

Mostly dry weather expected in the US Midwest over the next 10 days should bolster harvest progress, the Commodity Weather Group said in a client note.

Ahead of the US Department of Agriculture’s weekly export sales report on Thursday, analysts expected the government to show weekly soybean sales at 600,000 to 1 million tonnes.

Copyright Reuters, 2018

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Source: Brecorder

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