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CBOT soy falls on lack of new Chinese demand, Brazil crop forecast

CBOT soy falls on lack of new Chinese demand, Brazil crop forecast

Thu Jan 10 2019

 

 

Chicago Board of Trade soybean futures fell sharply on Thursday on a lack of fresh demand from China and after Brazilian crop forecaster Conab said Brazil’s soy crop was larger than some traders had expected.

 

* CBOT March soybeans ended down 17-1/4 cents at $9.06-3/4 per bushel, a one-week low. The 1.9-percent drop was the contract’s steepest since Nov. 26.

 

* CBOT March soymeal ended down $6.60 at $316.80 per short ton while March soyoil fell 0.41 cent to 28.19 cents per pound.

 

* The drop in soybeans erased gains posted over the past week as hopes for more export sales to China since US-China trade talks this week have thus far failed to materialize.

 

* Brazilian statistics agency Conab cut its estimate of the 2018/19 soybean harvest to 118.8 million tonnes from 120.1 million in December. Many traders had been expecting a deeper cut following hot, dry weather in parts of the country.

 

* Consultancy Agroconsult also cut its Brazil soy crop outlook.

 

* The CBOT reported 938 January soybean deliveries. January soymeal deliveries totaled 354 contracts and January soyoil deliveries totaled 52 contracts.

 

Source: Reuters

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