CBOT soybeans touch March 2018 high on tightening US supply
- The USDA's monthly World Agricultural Supply and Demand Estimates report pegged soybean stocks at a five-year low,
- USDA's estimate for domestic soybean production declined to 4.268 billion bushels from 4.313 billion.
CHICAGO: Chicago Board of Trade soybean futures soared to their highest prices since March 2018 on Friday, after the US Department of Agriculture projected tighter domestic supplies.
The USDA's monthly World Agricultural Supply and Demand Estimates report pegged soybean stocks at a five-year low, with rising exports eating into inventories.
The agency cut its stocks forecast by 170 million bushels from September to 290 million and increased its US soybean export forecast by 75 million bushels to 2.200 billion bushels.
USDA's estimate for domestic soybean production declined to 4.268 billion bushels from 4.313 billion.
Most-active CBOT November soybeans ended up 15-1/2 cents at $10.65-1/2 a bushel and touched their highest price since March 2, 2018.
Comments
Comments are closed for this article.