CHICAGO: Chicago Board of Trade soyabean futures closed higher on Friday on bargain buying after a three-session slump, buoyed by worries about stressful hot and dry weather scorching Argentina’s soya crop, traders said.
CBOT March soyabeans settled up 21-3/4 cents at $14.92-1/2 per bushel. However, for the week, the contract fell 31-1/2 cents per bushel or 2.1%, reflecting fund-driven selling earlier this week tied to fears of a global recession.
The front two CBOT soyameal contracts set life-of-contract highs Friday on worries about crops in Argentina, the world’s biggest exporter of soyameal and soyaoil.
CBOT March soyameal ended up $12.70 at $477.60 per short ton after setting a contract high at $479, and thinly traded January soyameal topped $500, rising by $14.40 to end at $503.10. US domestic cash soyameal values firmed.
CBOT March soyaoil settled up 0.75 cent at 63.17 cents per pound. The US Department of Agriculture reported export sales of US soyabeans in the week ended Dec. 29 at 872,200 tonnes (old and new crop years combined), in line with trade expectations for 400,000 to 1,325,000 tonnes.
Through its daily reporting system, the USDA confirmed private sales of 132,000 tonnes of US soyabeans to unknown destinations for delivery in the 2022/23 marketing year that began Sept. 1, 2022.
CBOT WHEAT LOWER
Chicago Board of Trade wheat futures ended lower on Friday, retreating from early strength as traders focused on strong global export competition given ample supplies from the Black Sea region and Australia, traders said.
CBOT March soft red winter wheat settled down 3-1/4 cents at $7.43-1/2 per bushel. For the week, the contract fell 48-1/2 cents a bushel or 6.1%, its biggest weekly slide since mid-July. K.C. March hard red winter wheat ended Friday down 7-3/4 cents at $8.32 per bushel and MGEX March spring wheat fell 7-1/4 cents to settle at $9.01-3/4.
Australia wheat production is expected to rise to a record 42 million tonnes as results from the final phase of harvest show higher yields, traders and an analyst said.
Euronext wheat futures edged lower, but price movement was limited as brokers awaited the end of a holiday week in Russia to gauge the country’s export prospects as insurance costs for the Black Sea zone rise due to Moscow’s ongoing invasion of Ukraine.
The US Department of Agriculture reported export sales of US wheat in the week ended Dec. 29 at 144,100 tonnes (old and new crop years combined), below a range of trade expectations for 200,000 to 675,000 tonnes.
Traders await several key reports due from the USDA on Jan. 12, including US winter wheat seedings for 2023 harvest, US Dec. 1 stocks, and the USDA’s regular monthly supply/demand report.
CBOT CORN FIRM
Chicago Board of Trade corn futures ended modestly higher on Friday, consolidating after a five-session skid that had pushed the most-active March contract to a two-week low on Thursday, traders said. CBOT March corn settled Friday up 1-1/4 cents at $6.54 per bushel. However, for the week, the March contract fell 24-1/2 cents per bushel or 3.6%, halting a three-week climb. Worries about a global recession curbing demand for grains and other commodities hung over the market, capping rallies.
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