CHICAGO: Chicago Board of Trade soyabean futures ended a short, choppy trading session unchanged on Wednesday, after Argentina announced it would re-establish a preferential currency exchange for soyabean exports until the end of the year.
CBOT January soyabeans settled up 1/4-cent to $14.36-1/4 per bushel. CBOT December soyameal fell 90-cents to $408.80 per short ton, and December soyaoil slipped 0.39 cent to finish at 74.52 cents per pound. Argentina, which spurred huge soya exports in September with the so-called “soya dollar” rate, has agreed a ‘floor’ of some $3 billion in exports with grains firms, an economy ministry source said on Friday. The US Department of Agriculture reported weekly net US soyabean sales of 690,100 tonnes for 2022/23 in the week ended Nov. 17, and 10,000 tonnes for 2023/24.
Analysts were expecting 500,000 to 1.7 million tonnes for 2022/23 and zero to 150,000 tonnes for 2023/24.
Meanwhile, Chicago Board of Trade wheat futures slid sharply on a short and choppy day of trading Friday, with the December contract hitting its lowest since Aug 22, as recent weakness in Russian wheat prices continued to weigh on the market, traders said.