CHICAGO: Chicago Board of Trade soybean futures rose Monday on a mix of technical buying and reminders of fresh export business, traders said.
* CBOT May soybeans settled up 13-1/4 cents at $10.47 per bushel after reaching $10.56-3/4, a one-week high.
* CBOT May soymeal ended up $3.30 at $389.60 per short ton while May soyoil fell 0.01 cent to 31.52 cents per pound.
* CBOT soybeans drew early support from comments by US government officials playing down the threat of a trade war with China, the world’s biggest soy buyer, despite tit-for-tat tariff proposals in the past week.
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* But China stepped up its attacks on the Trump administration, saying Washington was to blame for the friction and repeating it was impossible to negotiate under “current circumstances.”
* The USDA said private exporters sold 232,500 tonnes of US soybeans to unknown destinations for delivery in the 2017/18 marketing year.
* However, the USDA also reported export inspections of US soybeans in the latest week at 373,940 tonnes, below a range of trade expectations.
* The AgRural consultancy raised its estimate of Brazil’s 2017/18 soybean crop to 119 million tonnes, from 117.9 million seen last month.
* Ahead of the USDA’s monthly supply/demand report on Tuesday, analysts surveyed by Reuters expect the government to raise its forecast of US 2017/18 soybean ending stocks.
* Analysts expect the USDA to raise its estimate of Brazil’s soybean crop and lower its estimate for Argentina.
Source: Brecorder
