Chicago Board of Trade soybean futures firmed on Friday on expectations that the low quality of the crop harvested in Argentina will boost export demand for US supplies. Technical buying also helped soybean futures, with buyers stepping into the market when prices threatened Thursday's lows. Soymeal futures also posted modest gains but soyoil fell, weighed down by pressure from weakness in crude oil.
Heavier-than-expected deliveries against the expiring CBOT May contract limited the gains in soybeans. Unusually heavy El Nino rains in Argentina this month have left large parts of the country's soy crop affected by fungi and disease, forcing producers to sell at a discount, industry experts told Reuters. The most-actively traded soybean contract posted a monthly gain of 13.1 percent, its biggest since October 2014. Soymeal futures rose 23.6 percent and soyoil lost 3.2 percent during April.
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