CHICAGO: Chicago Board of Trade (CBOT) soyabean futures slid sharply on technical trading on Friday, as investors rushed to liquidate positions ahead of the weekend, traders said.
The most-active soyabean contract fell to the lowest prices seen since July - and several new-crop soyabean contracts plunged to new contract lows - amid poor US export demand, particularly in China, traders said.
A new forecast estimated that Brazil’s soyabean crop would be bigger than expected. Commodity and financial markets roiled late in the day, after US House of Representatives Republicans and President Joe Biden’s Democratic administration on Friday paused talks on raising the federal government’s $31.4 trillion debt ceiling, as the deadline to avoid default ticked closer.
CBOT July soyabeans settled down 26 cents at $13.07-1/4 per bushel after dipping to $13.04-3/4, the lowest on a continuous chart of the most-active contract since July 22, 2022.
September soyabeans contract - as well as January, March, May, July, August and next September soyabean contract - all fell to new contract lows on Friday. CBOT July soyameal tumbled $5.00 to settle at $409.10 per short ton. CBOT soyaoil futures also fell, with July finishing down 0.02 cent at 47.27 cents per pound.
CORN FUTURES LOWER
Chicago Board of Trade corn futures faced a choppy day of trading Friday, ending the day on a down note amid technical trading ahead of the weekend, traders said.
Corn futures saw a spate of bargain buying early in the trading session pulled prices up in a technical rebound from sharp lows a day earlier. But corn futures weakened as the day progressed amid ongoing signs of weak US export demand and broader market volatility due to economic uncertainty.
Commodity and financial markets roiled late in the day, after US House Republicans and President Joe Biden’s Democratic administration on Friday paused talks on raising the federal government’s $31.4 trillion debt ceiling, as the deadline to avoid default ticked closer.
CBOT July corn settled down 3/4-cent at $5.54-1/2 per bushel. Crop weather in the US Midwest remains generally favourable and planting is advancing faster than normal.
CBOT WHEAT DOWN
Chicago Board of Trade wheat futures fell sharply on Friday after a choppy day, as technical trading and lacklustre export demand for US supplies continued to pressure the market, traders said.
CBOT July wheat slid to $6.02 a bushel in mid-session trading, the lowest price seen on a continuous chart since April 2021. CBOT September wheat also fell to a new contract low.
CBOT July soft red winter wheat settled down 6-3/4 cents at $6.05 per bushel. K.C. July hard red winter wheat last traded down 31-1/4 cents at $8.25-3/4 a bushel and MGEX July spring wheat was down 24-1/2 cents at $8.04 a bushel. Poor harvest prospects in the US Plains initially gave wheat futures a boost on the day: Wheat yield potential in Kansas was estimated on Thursday at its lowest since at least 2000 in an annual field tour.
Commodity and financial markets roiled late in the day, after US House Republicans and President Joe Biden’s Democratic administration paused talks on raising the federal government’s $31.4 trillion debt ceiling, as the deadline to avoid default ticked closer.
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