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CBOT soybeans sink as big trade aid payment seen fueling more planting

CBOT soybeans sink as big trade aid payment seen fueling more planting

Tue May 21 2019


Chicago Board of Trade (CBOT) soybeans reversed early gains and closed lower on Tuesday as a media report that the Trump administration is considering large aid payments for soy farmers fueled fears of expanded planting of the crop this spring.


* The White House is considering payments of $2 per bushel for soybeans as part of a $20-billion aid package to offset farmers’ losses from the trade war with China, Bloomberg reported on Tuesday. The aid was seen encouraging more soy planting at a time when supplies are already record-large.


* CBOT July soybeans settled down 9-3/4 cents at $8.22 per bushel after peaking at $8.46-1/2.


* CBOT July soymeal ended $2.00 lower at $295.30 per short ton while July soyoil fell 0.36 cent at 27.14 cents per pound.


* Early gains stemmed from a slower-than-expected soybean planting pace in a weekly US Department of Agriculture report that showed farmers had seeded just 19% of their intended soybean acreage as of May 19. The five-year average is 47%.


* Showers over the next week are threatening to slow corn planting and may trigger a larger shift from corn to soybean acres.


* The lack of progress in US-China trade talks also hung over the soybean market.


Source: Reuters

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