KSE100 34350.42  ▲ Increased By 231.03 (0.68%)
KSE30 15000.89  ▲ Increased By 85.48 (0.57%)
BR100 3516.22  ▲ Increased By 11.22 (0.32%)
BR30 18244.64  ▲ Increased By 13.27 (0.07%)

Business Recorder Logo

Jun 06, 2020 PRINT EDITION
Markets

CBOT soybeans drop as crop prospects rise

 The benchmark CBOT July soybean futures contract closed above its session lows after finding support at the low end
May 22, 2020
  • The benchmark CBOT July soybean futures contract closed above its session lows after finding support at the low end of its 20-day Bollinger range.
  • Soymeal futures firmed on end-of-week bargain buying after sinking to their lowest level since April 2016.

CHICAGO: US soybean futures weakened to a one-month low on Friday on forecasts for good weather for crop development in the US Midwest.

The benchmark CBOT July soybean futures contract closed above its session lows after finding support at the low end of its 20-day Bollinger range.

Soymeal futures firmed on end-of-week bargain buying after sinking to their lowest level since April 2016.

Soyoil futures were lower, weighed down by declines in the crude oil market.

CBOT July soyoil found support at its 50-day moving average.

For the week, the most-active soybean futures contract was down 0.6%. Soymeal was 1.2% lower this week and soyoil was up 0.3%.