US soybean futures on the Chicago Board of Trade closed higher Thursday in a light short-covering bounce after the market fell to a fresh 3-1/2 month low for the fourth straight session. Soybeans traded lower for most of the session on improving South American crop weather and worries about China canceling purchases of US soybeans. Brazil's early soy crop large, picture-perfect.
China swaps two US soy cargoes for South American soy, holds one cargo due to quality concerns. Bear-spreading was a feature in soybeans and soymeal, with nearby old-crop contracts losing ground to deferred new-crop months. March soybeans settled up 2-3/4 cents at $9.31-3/4 per bushel after hitting $9.21, lowest spot price since October 8, 2009. New-crop November ended up 7 cents at $9.22-1/4. March soymeal settled 30 cents higher at $281.60 per ton; December ended up $3 at $264.10.
March soyoil settled down 0.17 cent at 36.15 cents per lb. End-user buying of both soybeans and corn has slowed in recent days, CBOT traders said. Traditional funds have been sellers, paring their net long in soybeans to less than 9,000 contracts by January 19, CFTC data showed.
Beneficial rains forecast this weekend and next week for parts of Argentina, traders said. Argentine soybean harvest seen at 51 million tonnes - Buenos Aires Grain Exchange. US Census Bureau's monthly report showed US December soybean crush at 173.05 million bushels, just above the average estimate for 172.94 million.
Census showed US December soymeal stocks at 571,554 tons, above an average estimate for 491,000 tonnes. Census reported US December soyoil stocks at 2.935 billion lbs, below an average estimate for 3.077 billion. USDA reported export sales of US soybeans in the latest week at 857,200 tonnes, within estimates for 700,000 to 900,000 tonnes.
US weekly soymeal sales at 268,200 tonnes, within estimates for 200,000 to 300,000 tonnes. US weekly soyoil sales at 46,000 tonnes, far above estimates for 10,000 to 20,000 tonnes. Cash soybean basis steady/firm in US Midwest interior as farmers stay on sidelines. Malaysian palm oil futures rose nearly 1 percent, tracking other markets after Obama speech.
Comments
Comments are closed.