CBOT soybeans slide on weak exports, Argentine labor talks
- CBOT March soymeal ended $1.40 lower at $412.70 per short ton, while March soyoil fell 0.08 cent to 41.05 cents per lb.
CHICAGO: Chicago Board of Trade soybean futures fell on Monday as a labor strike in Argentina moves closer to resolution, traders said.
The benchmark CBOT March soybean futures contract fell 7-1/4 cents to $12.57-1/4 per bushel, the biggest drop for soybeans since Dec. 8.
Overnight, March soybeans reached $12.80-1/2 per bushel, the highest on a continuous basis for the most-active contract since June 23, 2014.
New life-of-contract highs were met in all contract months through September 2021.
CBOT March soymeal ended $1.40 lower at $412.70 per short ton, while March soyoil fell 0.08 cent to 41.05 cents per lb.
Exporters sold 233,700 tonnes of soybeans and 33,000 tonnes of soybean oil on Monday for delivery to unknown destinations during the 2020/2021 marketing year, according to the U.S. Department of Agriculture.
Exporters also sold 125,000 tonnes of soybeans bound for unknown destinations during the 2021/2022 marketing year.
Soybeans export inspections for the week ending December 24 were the lowest since September, with 1.4 million tonnes of soybeans inspected for export, below trade expectations.
Argentina's influential chamber of soyoil manufacturers and exporters on Sunday improved its offer to striking workers, seeking to end a more than two-week standoff that has bogged down exports.
Chinese imports of U.S. soybeans in November climbed to 6.04 million tonnes, up 136pc from 2.56 million tonnes a year ago, customs data showed, as cargoes booked following a Phase 1 trade deal between the United States and China arrived in the country.
Comments
Comments are closed for this article.