CHICAGO: Chicago Board of Trade soyabean futures closed higher on Friday on bargain-buying following this week’s multi-month lows, dryness in the Midwest crop belt and spill-over strength from equities and crude oil, traders said.
An improving macroeconomic outlook lent support. Wall Street equity markets rose on bullish US jobs data and congressional approval of legislation to avert a catastrophic debt default.
CBOT July soyabeans settled up 23 cents at $13.52-1/2 per bushel, extending its recovery after a dip on Wednesday to $12.70-3/4, the lowest on a continuous chart of the most-active soyabean contract since December 2021. For the week, the CBOT July contract ended up 15-1/4 cents a bushel or 1.1%, its second straight weekly climb. New-crop November soyabeans ended Friday’s session up 14-3/4 cents at $11.83-3/4 a bushel.
CBOT July soyameal ended down $3.60 at $397.80 per short ton while July soyaoil rose 1.64 cents to finish at 49.50 cents per pound. Bullish April crushing data lent support to soyabean futures. The US Department of Agriculture on Thursday said US processors crushed 187 million bushels of soyabeans in April, topping a range of analyst estimates.
The USDA reported export sales of US old-crop soyabeans in the week ended May 25 at 123,400 tonnes and new-crop sales at 301,000 tonnes, in line with trade expectations.
Weekly sales of US old-crop soyameal topped 400,000 tonnes, near the high end of trade expectations.
CBOT CBOT WHEAT ENDS HIGHER
Chicago Board of Trade wheat futures settled higher on Friday after a choppy session, buoyed by spill-over strength from corn and soybeans as well as well as optimism about the US economy.
Wall Street equity markets rose on bullish US jobs data and congressional approval of legislation to avert a catastrophic debt default.
But a rebound in the US dollar capped rallies, making US grains less competitive globally. CBOT July soft red winter wheat settled up 8-1/4 cents at $6.19 per bushel. For the week, the contract rose 3 cents a bushel or 0.5%, its second straight weekly climb. KC July hard red winter wheat ended up 9-3/4 cents at $8.12-1/4 a bushel and MGEX July spring wheat jumped 18-3/4 cents to finish at $8.07-3/4.
The US Department of Agriculture’s weekly export sales report showed net sales reductions of US old-crop wheat in the week ended May 25 of 210,500 tonnes, while net sales of new-crop wheat totalled 466,500 tonnes. Traders continue to monitor weather concerns in China.
Tensions over a shipping corridor from war-torn Ukraine lent support. Ukraine would be ready to continue exporting grain across the Black Sea as part of a “plan B” without Russian backing if Moscow pulls the plug on the current grain export deal and it collapses, Ukraine’s farm minister said.
CBOT CORN ENDS HIGHER
Chicago Board of Trade corn futures rose on Friday, rallying from early declines on bargain-buying following this week’s multi-month lows, dryness in the Midwest crop belt and spill-over strength from equities and crude oil, traders said.
Optimism about the US economy lent support. Wall Street equity markets rose on bullish US jobs data and congressional approval of legislation to avert a catastrophic debt default.
CBOT July corn settled up 16-1/2 cents at $6.09 per bushel. For the week, the contract rose 5 cents a bushel or 0.8%, its second straight weekly climb.
New-crop December corn ended Friday up 11-1/4 cents at $5.41-1/4 a bushel. A rebound in the US dollar capped rallies, making US grains less competitive globally. The US Department of Agriculture reported export sales of US old-crop corn in the week ended May 25 at 186,700 tonnes, in line with trade expectations, and new-crop corn sales of 312,600 tonnes, above expectations.
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