CBOT soybeans decline on US weather, positioning ahead of USDA
- Analysts expect the USDA's March 31 planting intentions report to show an expansion in US plantings of corn and soybeans compared to last year, while March 1 soybean stocks are expected to be down 32% from a year earlier.
CHICAGO: Chicago Board of Trade soybean futures closed lower on Monday, following as corn futures slid on favorable US crop weather and position-squaring ahead of key reports due this week from the US Department of Agriculture, traders said.
CBOT May soybeans settled down 7-1/2 cents at $13.93 per bushel, with new-crop November down 2-3/4 cents at $12.04-1/2.
CBOT May soymeal ended down $5.90 at $398.10 per short ton.
CBOT May soyoil rose 0.48 cent to settle at 52.96 cents per pound, supported by tightening global vegoil supplies and strength in Malaysian palm oil futures.
Farmers had harvested 71% of Brazil's soy area through last Thursday, below the 76% harvested at the same time last year, AgRural said.
Analysts expect the USDA's March 31 planting intentions report to show an expansion in US plantings of corn and soybeans compared to last year, while March 1 soybean stocks are expected to be down 32% from a year earlier.
- Commodity funds hold a sizable net long position in CBOT soybean futures, leaving the market prone to long liquidation ahead of the USDA's stocks and plantings reports, which have a history of jolting the futures market.
The USDA reported export inspections of US soybeans in the latest week at 425,364 tonnes, the smallest weekly tally since July 2020 but nonetheless in line with trade expectations.