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CBOT soybeans approach 7-year high on South America weather woes

  • Brazilian farmers harvested an estimated 35% of the country's soybean acreage through last Thursday, down from 49% a year ago and the slowest pace in a decade, agribusiness consultancy AgRural said.
Published March 9, 2021
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CHICAGO: Chicago Board of Trade soybean futures ended higher on Monday, reaching a near seven-year top on worries about harvest delays in Brazil and dry conditions in Argentina, traders said.

  • CBOT May soybeans settled up 3-3/4 cents at $14.33-3/4 per bushel, paring gains after reaching $14.60, the highest price in a continuous chart of the most-active soybean contract since June 2014.

  • CBOT May soyoil ended up 0.66 cent at 52.46 cents per pound while May soymeal fell $1.90 to settle at $416.30 per short ton.

  • Contract highs were set across the board in CBOT soybean and soyoil futures contracts.

  • The US Department of Agriculture (USDA) reported export inspections of US soybeans in the latest week at 587,594 tonnes, in line with trade expectations for 400,000 to 800,000 tonnes.

    • Traders expect the USDA in a monthly supply/demand report due Tuesday to trim its forecasts of 2020/21 US and global soybean ending stocks.
  • Brazilian farmers harvested an estimated 35% of the country's soybean acreage through last Thursday, down from 49% a year ago and the slowest pace in a decade, agribusiness consultancy AgRural said.

  • China's soybean imports in January and February totaled 13.41 million tonnes, down slightly from a year earlier, customs data showed on Sunday, as rains in top exporter Brazil slowed some shipments.

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CBOT soybeans approach 7-year high on South America weather woes

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