CBOT soybeans close day higher, end week lower for third straight week
CHICAGO, Nov 29 (Reuters) -Chicago Board of Trade soybean futures ended slightly higher on Friday on technical trading and a flurry of export demand, market analysts said.
Soybean prices remained underpressure as showers in Brazil and Argentina continue to aid development in what is expected to be a hefty crop, analysts said.
CBOT January soybeans SF25 settled up 3/4-cent at $9.89-1/2 a bushel.
But CBOT's most-active soybean futures contract on a continuous basis Sv1 ended lower for a third week in a row.
CBOT December soymeal SMZ24 ended down $3.40 to $287.10 per short ton, while most-active January soymeal SMF25 closed down $3.50 at $291.90 per short ton.
CBOT December soyoil BOZ24 settled up 0.86-cent at 41.61 cents per pound, while most-active January soyoil BOF25 ended up 0.82-cent at 41.74 cents per pound.
Rain in South America continued to support crop development, Commodity Weather Group said.
Weakness in the U.S. dollar .DXY, which makes U.S. exports more competitive, also lent support to futures, traders said.
The U.S. Department of Agriculture reported weekly 2024-25 U.S. soybean export sales of 2.5 million metric tons, above trade estimates for 1.5 million to 2.4 million.
USDA on Friday also reported private exporters sold 840,000 metric tons of U.S. soybeans - and another 151,700 tons of U.S. soybeans - to unknown destinations for delivery in the 2024/25 marketing year.
Soyoil futures turned higher, following Malaysian palm oil futures FCPOc3, which rose for a fifth straight session and booked a weekly gain on Friday amid supply concerns.
Soybean oil used to produce biofuels in the United States fell to 1,076 million lbs used in September, down from 1,217 million lbs in August, EIA reported.
U.S. commodities markets were closed on Thursday for the Thanksgiving holiday. CBOT grain and oilseed trading closed early on Friday at 12:05 p.m. CST (1805 GMT).
Reporting By P.J. Huffstutter in Chicago; editing by Diane Craft
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
