CBOT soybeans slump, end week lower, ahead of USDA report
Chicago Board of Trade soybean futures set a flurry of new contract lows on Friday, and closed out the week lower, amid continued U.S. farmer selling and a sluggish U.S. export pace, traders said.
Most of CBOT's soybean futures contracts, except August futures (SQ24), set new contract lows on the day. The most-active soybean futures contract on a continuous chart
ZS1! dropped to the lowest price since September 2020.CBOT August soybeans (SQ24) ended up 18-1/4 cents at $10.28 per bushel, in a move that several market analysts described as an anomaly.
Most-active November soybeans (SX24) settled down 5-3/4 cents at $10.02-1/2 per bushel.
For the week, most active soybean futures
ZS1! was about 2.4% lower - the fourth weekly loss in the past five weeks. CBOT most-active December soymeal (SMZ24) settled down $5.70 at $310.40 per short ton.
CBOT most-active CBOT December soyoil (BOZ24) settled up 0.26 cent at 41.12 cents per pound.
A survey of analysts forecast higher U.S. soybean production in Monday's U.S. Department of Agriculture (USDA) report, which would add to large global supplies of the oilseed.
An ongoing oilseed workers strike in Argentina could extend beyond Friday, as wage negotiations with firms continue to stall, affecting shipments from one of the world's major grain exporters.
Spot basis bids for soybeans continued a multi-day slide in the U.S. Midwest on Friday, as farmers rushed to sell-off their old-crop in storage ahead of this fall's harvest.
The U.S. Department of Agriculture confirmed private sales of 212,000 metric tons of U.S. soybeans to unknown destinations. Of the total, 50,000 metric tons is for delivery during the current 2023/2024 marketing year, and 162,000 metric tons is for delivery during the 2024/2025 marketing year that begins Sept. 1, 2024.
USDA also confirmed private sales of 132,000 metric tons of U.S. soybeans to China and private sales of 100,000 metric tons of U.S. soybean cake and meal to Colombia.