US soybean futures on the Chicago Board of Trade fell to a two-week low on Thursday as less stressful weather for Argentine crops spurred sales, traders said. Easing demand, for commodities given the deepening recession also bearish. March soybeans ended 12 cents lower at $9.70-1/2, below its 100-day moving average of $9.75-3/4. May soy closed 12-1/4 lower at $9.77-3/4.
March soymeal closed $2.80 per ton down at $308.70; March soyoil down 0.54 cent at 32.37 cents. Corn gained on soybeans for second straight day as more weather premium built into soy price during January. Commodity funds sold 2,000 soybean contracts, 1,000 soymeal and 1,000 soyoil. Commercials net sold about 500-soyoil contract -traders.
Crops in Argentina, third largest soy exporter, benefiting from recent rains. Forecast for rain next week turned a little drier than previously expected, adding to weather uncertainty -DTN Meteorlogix forecaster. USDA export sales data was disappointing for soybeans but better than expected for soymeal and soyoil.
USDA reported 532,200 tonnes (525,100 for current marketing year) soybeans sold for export, below estimates for 650,000 to 850,000 tonnes. US soymeal export sales last week totalled 201,700 tonnes (old-crop), above estimates for 125,000 to 175,000 tonnes.
US soyoil export sales last week totalled 21,500 tonnes (old-crop), above estimates for 5,000 to 15,000 tonnes. US Census Bureau crush data was mildly supportive. Census said US processors crushed 141.37 million bushels of sor soybeans were steady-firm late Thursday, farmer sales slow after CBOT sell-off this week.
Comments
Comments are closed.