CBOT soybean futures rise amid pressure from soymeal market
CHICAGO, Jan 31 (Reuters) -Chicago Board of Trade soybean futures ended up on Tuesday, though technical selling and a correction in the soymeal charts pressured prices on the day, traders said.
* Earlier in the session, soybean futures were boosted by rising prices in soyoil and soymeal markets, said traders. But when technical selling in the soymeal market caused prices there to turn red, that caused a ripple effect in soybean futures, they added.
* The benchmark CBOT March soybean futures contract SH3 added 2-3/4 cents to settle at $15.38 a bushel.
* CBOT March soymeal futures SMH3 fell $4.50 to $484.20 a ton, while CBOT March soyoil BOH3 added 1.01 cents to 62.33 cents per lb.
* The delayed soybean harvest in Brazil could extend the U.S. export market, which typically shifts to South America as new crop shipments become available.
* Brazil's soy exports were seen reaching 1.222 million tonnes in January versus 1.356 million tonnes forecast the previous week, according to ANEC.
Reporting by P.J. Huffstutter; Editing by Jan Harvey
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.
