0.6 C
New York
Thursday, March 30, 2023

CBOT soyabean futures ease

CHICAGO: Chicago Board of Trade soyabean futures eased on Friday, pressured by weaker palm oil markets, but underpinned by stronger US soyabean crush margins, traders said.

CBOT November soyabean futures settled 3-1/2 cents lower at $12.20-1/2 per bushel.

CBOT December soyameal added $3.40 to $327.40 per short ton.

CBOT December soyaoil lost 0.49 cents to settle at 62.09 cents per pound. For the week, CBOT’s most-active soyabean contract ended 2-3/4 cents higher.

CBOT November/ December board crush, an indicator of profit margins for soyabean crushers, ended at 182 cents a bushel, an 18.95% weekly gain.

China’s soyabean oil prices hit a near 10-year peak this week on tight supply and robust demand, lifting key soyabean crushing margins to six-month highs despite sustained weak demand for soyameal from China’s battered hog sector. Malaysian palm oil futures on Friday logged their worst week in two months over concerns that top buyers China and India might strengthen regulation on speculative activities, but likely tighter supply capped losses.

NEW YORK/LONDON: Arabica coffee futures on ICE closed nearly 2% lower on Friday, as speculators cashed in profits after a recent surge, and Brazilian producers sold the greenback-priced contract after the local currency weakened further. Cocoa and sugar futures recovered.

December arabica coffee settled down 3.45 cents, or 1.7%, at $1.9985 per lb. Dealers said speculators sold a part of their long position to cash in profits after coffee prices rose to nearly the highest in 7 years last week.

They also noted hedging by Brazilian producers and exporters, as the local currency trades at the lowest level against the dollar since April amid economic and political turmoil in the country.

One of Brazil’s largest coffee processors, Montesanto Tavares Group, said stocks in the country were larger than expected, and the current flowering at coffee fields is positive and should lead to a good production next year.

January robusta coffee rose $6, or 0.3%, to $2,141 a tonne. Dealers noted recent dry, sunny weather had improved the outlook for production in the Ivory Coast.

They noted, however, that demand has rebounded after falling during the COVID-19 pandemic and much could depend on whether the recovery will be sustained.

“Global demand has continued to recover strongly and we therefore expect that the price will hold steady for the rest of 2021 before rising in 2022 and beyond,” Fitch Solutions said in a note on Friday. December New York cocoa gained $28, or 1.1%, to $2,583 a tonne.

March raw sugar ?settled up 0.14 cent, or 0.7%, at 19.08 cents per lb, edging away from a three-week low of 18.82 cents set earlier this week. Dealers said the recent strength in energy prices was providing some support, potentially leading to more use of cane to produce biofuel ethanol in Brazil rather than sugar. December white sugar fell $0.20 to $500.60 a tonne.

CBOT soyabean futures ease

Source: Brecorder

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles

Popular Articles