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CBOT soybeans end higher on bargain buying, stressful Argentine weather

Reuters · 01/06/2023 15:31
CBOT soybeans end higher on bargain buying, stressful Argentine weather

- Chicago Board of Trade soybean 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 soy crop, traders said.

  • CBOT March soybeans SH3 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 soymeal contracts set life-of-contract highs Friday on worries about crops in Argentina, the world's biggest exporter of soymeal and soyoil.

  • CBOT March soymeal SMH3 ended up $12.70 at $477.60 per short ton after setting a contract high at $479, and thinly traded January soymeal SMF3 topped $500, rising by $14.40 to end at $503.10.

  • U.S. domestic cash soymeal values firmed.

  • CBOT March soyoil BOH3 settled up 0.75 cent at 63.17 cents per pound.

  • The U.S. Department of Agriculture reported export sales of U.S. soybeans in the week ended Dec. 29 at 872,200 tonnes (old and crop years combined), in line with trade expectations for 400,000 to 1,325,000 tonnes. EXP/SOY

  • Through its daily reporting system, the USDA confirmed private sales of 132,000 tonnes of U.S. soybeans to unknown destinations for delivery in the 2022/23 marketing year that began Sept. 1, 2022.

  • The CBOT reported 525 deliveries against the January soybean SF3 futures contract, all of which were stopped by J.P. Morgan commercial accounts. Soyoil deliveries totaled three contracts, and there were soymeal deliveries. SOY/DEL SBO/DEL MEAL/DEL

  • Agribusiness consultancy Safras & Mercado lowered its estimate of Brazil's 2022/2023 soybean crop to 153.37 million tonnes, from 154.53 million previously.

  • China will target an increase in its oilseed acreage this year of at least 667,000 hectares, official agency Xinhua said, citing the agriculture minister.

(Reporting by Julie Ingwersen; Editing by Andrea Ricci)

((Julie.ingwersen@thomsonreuters.com; 1-312-408-8710; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.))