SOY: Prices Extends Weekly Drop on Improved South America Crops
Soybean futures for May delivery fall 1.1% to close at $10.43 1/4 a bushel on Chicago Board of Trade.
- This week, contract drops 2.5%, biggest decline since Dec. 23.
- NOTE: Argentina’s Recent Rains Favored Soy Yields: Exchange
- NOTE: Agroconsult to Review Soybean Est. Amid Strong Yields
- Farmers in Brazil will increase sales of record-high crop in next two months, Bunge Ltd. said Wednesday
- “The weather premium is coming out of the market,” Jerry Gidel, senior grain strategist at Price Futures Group in Chicago, says in telephone interview
- “Market psychology is also hurt by Mexico threatening to shop for soybeans from South America”
- NOTE: Mexico said to consider buying Argentina soybeans because of Trump policies, Milenio reports, citing Agriculture Secretary Jose Antonio Calzada.
- Soybean-meal futures for May delivery decline 0.7% to $343.90 for 2,000 pounds, capping a third weekly drop in four weeks
- Soybean-oil futures for May delivery fall 1.9% to 33.16c/lb after touching 33.12c, lowest for contract since Sept. 19
- Price drops for seventh straight session, longest slump since May 5
- EARLIER: Palm Oil Futures Drop to Cap Biggest Weekly Loss Since 2015
- NOTE: CBOT will be closed for trading Monday in observance of U.S. President’s Day holiday
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