CHICAGO: US soybean futures were mixed on Wednesday, with old-crop contracts falling while new-crop months gained on unwinding of bull spreads, traders said.
Chinese cancellations of soybean purchases pressured nearby months in anticipation of an easing of the tight stocks situation in the United States.
The closely watched Chicago Board of Trade July-November soybean spread has narrowed by 35-1/4 cents since widening to a record $2.71-1/2 on April 16.
New-crop November rose 13-1/4 cents during Wednesday's session while July fell 5-3/4 cents.
Analysts were expecting a US Agriculture Department report on Thursday morning to show that old-crop export sales of soybeans were in a range from -200,000 to 100,000 tonnes in the week ended April 17. New-crop sales were forecast between 350,000 and 550,000 tonnes.
Declines were limited in the front-month soybean contract as technical buyers entered the market when prices hit the 23.6 retracement point on a Fibonacci chart tracking its rally to a nine-month high last week.
Soymeal contracts also were mixed, with the front-month falling while deferred offerings firmed. Dealers on the cash market said supplies were tight but demand was weak.
Soyoil contracts were weaker across the board, pressured by light demand.
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