Markets > Commodities

CBOT soybean futures drop over 1 pct on technical selling, trade concerns

2019-09-22 04:52

Already collect

CHICAGO, Sept. 21 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled mixed for the trading week which ended on Sept. 20, with soybeans falling over one percent on investors' technical selling and trade concerns.

The most active corn contract for December delivery was up 2 cents, or 0.54 percent week on week, to close at 3.7075 dollars per bushel on Friday. November soybeans were down 16 cents, or 1.78 percent, to settle at 8.8275 dollars per bushel. December wheat was up 0.75 cent, or 0.16 percent, to close at 4.8425 dollars per bushel.

CBOT agricultural futures settled higher on Monday, with soybeans rising on fresh Chinese purchases of U.S. soybeans.

The U.S. Department of Agriculture (USDA) on Monday morning said that private exporters reported the sale of 256,000 metric tons of soybeans for delivery to China during the 2019/20 marketing year.

CBOT corn futures rose on Monday as support from surging crude oil prices more than offset the pressure from favorable weather for late-developing crops.

Wheat futures firmed in tandem with rising corn and as dry conditions in some southern hemisphere wheat areas stoked concerns about smaller harvests in key exporters such as Australia and Argentina.

CBOT agricultural futures closed lower on Tuesday, with corn futures falling for the first time in four sessions on better-than-expected U.S. crop conditions.

The USDA said 55 percent of U.S. corn was in good-to-excellent shape, above analyst expectations of 54 percent. The harvest is also underway.

U.S. soybean crop conditions slipped to 54 percent good-to-excellent, in line with expectations.

CBOT agricultural futures settled mixed on Wednesday, with soybean futures falling on mild weather across the U.S. Midwest that lessened risks that crop-damaging frost could hurt the late-planted crop.

Corn futures edged higher in a mild short covering bounce, while wheat futures gained on robust demand around the world and fears that dry weather could dent yield prospects for crops in the southern hemisphere.

CBOT agricultural futures settled mixed on Thursday, with soybean futures rising on strong weekly export sales data and hopes for progress in U.S.-China trade talks.

The USDA reported on Thursday that 1.728 million metric tons of U.S. soybeans were sold for export last week, along with 1.467 million metric tons of corn, both above trade expectations.

Corn futures also rose as the market weighed favorable harvest weather against signs of improved demand for the grain, while CBOT wheat futures retreated in a profit-taking setback from the prior session's one-month highs.

CBOT agricultural futures settled lower on Friday, with soybean futures falling on investors' technical selling.

Soybean futures fell further as investors watched for signs of progress in U.S.-China trade talks. China's recent purchases of U.S. soybeans had already been digested by market. More bullish news was needed to drive prices above recent highs, traders said.

Corn futures retreated as the latest forecasts showed no signs of frost in the U.S. Midwest, allowing late planted crop extra time for development.
Add comments

Latest comments

Latest News
News Most Viewed