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CBOT soybeans slide on technical trading and heavy supply
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CBOT soybeans slide on technical trading and heavy supply

- Chicago Board of Trade soybeans fell amid signs of technical trading on Thursday, though ongoing concerns over Brazilian crop losses after devastating floods in the southern regions buoyed markets, brokers said.

  • Despite spotty rains across the U.S. Midwest, dry windows for planting are expected to leave farmers with time to wrap up spring soybean seeding, analysts said.

  • Soybean planting was 68% complete, ahead of the average analyst estimate of 66% and the five-year average of 63%, the U.S. Department of Agriculture reported on Tuesday.

  • Argentine farmers are speeding up badly delayed sales of soybeans, helped by higher global prices and better weather conditions for the ongoing harvest.

  • Strong global supplies are expected to keep a lid on soybean futures prices for , traders said.

  • CBOT July soybean futures SN24 fell 4-1/4 cents to settle at $12.09-3/4 per bushel.

  • CBOT July soymeal SMN24 fell $5.5 to close at $363.6 per short ton.

  • CBOT July soyoil BON24 ended down 0.16 cent at 45.72 cents per pound.


(Reporting by Heather Schlitz; editing by Diane Craft)

((Heather.Schlitz@thomsonreuters.com;))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.
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