CBOT soybeans fall on positive South American crop prospects
CHICAGO, Dec 16 (Reuters) -Chicago Board of Trade soybean futures tipped down as expectations of a bumper South American crop and lower-than-expected soy crush numbers put pressure on prices.
The U.S. soybean crush declined in November from an all-time high a month earlier and fell short of most trade estimates, according to National Oilseed Processors Association (NOPA) data released on Monday.
It was still the largest November crush on record, up 2.2% from the November 2023 crush of 189.038 million bushels, and the fourth-largest ever for any month.
January soybeans SF25 fell after the report's release, though prices soon recovered.
Favorable South American crop conditions and a lack of weather threats have pressured corn and soy futures, though both have received support from bargain buying after price falls late last week.
Thin trade volume ahead of the Christmas holiday has kept soy futures stuck in a rangebound trade.
CBOT January soybeans SF25 ended down 6-1/4 cents at $9.82 a bushel.
CBOT January soymeal SMF25 closed $0.70 higher at $286.90 per short ton.
CBOT January soyoil BOF25 fell 0.89 cents to end at 41.72 cents per pound.
Reporting by Heather Schlitz;
Editing by Sandra Maler
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.
