CHICAGO: Chicago Board of Trade (CBOT) soybean futures jumped more than 1 percent on Thursday on technical buying and short-covering, and as poor weather in South American soy areas threatened crops in Brazil and Argentina, traders said.

* CBOT March soybeans rose 13-1/4 cents to $9.07-3/4 per bushel and broke through chart resistance at its 20- and 50-day moving averages. The contract's 1.5-percent gain was its steepest since Nov. 28.

* CBOT March soymeal ended up $2.10 at $312.20 per short ton while March soyoil jumped 0.54 cent to 28.77 cents per pound.

* Concerns about lower soybean yield prospects in South America due to adverse weather underpinned the market. Some analysts have cut their projections for crops in Brazil and Argentina.

* The Buenos Aires Grains exchange cut its forecast for Argentine soybean plantings this season to 17.7 million hectares, from 17.9 million hectares previously, due to excessive rains.

* Traders are watching for any renewed soybean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.

Copyright Reuters, 2019
 

 

 

 

Comments

Comments are closed.