CBOT soy ends mixed; nearby contracts sag, following corn and wheat

Usama Fayyaz September 4, 2019

CHICAGO: Chicago Board of Trade soybean futures closed narrowly mixed on Tuesday, with nearby contracts pressured by spillover weakness from declines in corn and wheat, traders said.

CBOT November soybeans settled down 1/2 cent at $8.68-1/2 per bushel, while back months closed firm.

Most-active CBOT December soymeal ended down $1.20 at $294.10 per short ton while December soyoil rose 0.28 cent at 29.09 cents per pound.

Concern about the US trade war with top global soybean buyer China hung over the market as new tariffs on Chinese goods went into effect over the US Labor Day weekend.

US and Chinese negotiators are due to meet in Washington this month but no date has yet been set.

Market underpinned by stronger-than-expected weekly export data.

The US Department of Agriculture (USDA) reported export inspections of US soybeans in the latest week at 1,281,426 tonnes, topping a range of trade expectations for 850,000 to 1.1 million tonnes.

Ahead of the USDA’s weekly crop progress report due later on Tuesday, analysts surveyed by Reuters on average expected the government to rate 56pc of the US soybean crop as good to excellent, up from 55pc a week ago.

Copyright Reuters, 2019

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