CBOT soymeal sets multi-year high while soybean futures decline

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CHICAGO, Feb 3 (Reuters) -Chicago Board of Trade soybean futures ended lower Friday on expectations of a massive Brazilian harvest and spillover weakness from crude oil, but most-active soymeal futures SMv1 set an 8-1/2 year high on tight supplies of the feed ingredient, traders said.

  • CBOT March soybeans SH3 settled down 2-1/4 cents at $15.32 per bushel. However, for the week, the contract rose 22-1/2 cents or 1.5%, its second straight weekly advance.

  • CBOT March soymeal SMH3 ended up $4.70 at $496.50 per short ton after setting a contract high at $500.40, the highest price on a continuous chart of the most-active contract SMv1 since June 2014. The May SMK3, July SMN3 and August SMQ3 contracts also set contract highs.

  • Soymeal has climbed as worries about tightening supplies in Argentina, the world's top exporter, and firm U.S. cash markets attract speculative buying.

  • CBOT March soyoil BOH3 ended down 1.88 cents at 59.06 cents per pound, pressured by meal/oil spread trade and spillover weakness from crude oil CLc1 futures, given soyoil's role as a feedstock for biodiesel fuel. O/R

  • Some analysts also noted rising U.S. tensions with China, the world's biggest soy buyer, as a potential bearish factor for soybean futures after a Chinese spy balloon was tracked flying across the United States.

  • In Brazil, farmers have harvested 9.86% of the country's soybean area, compared with 20.4% a year ago, slowed by rains in key producing regions, consultancy Patria Agronegocios said.

  • Advance sales of Brazil's 2022/23 soybean crop rose slightly from last month but still trail historical levels as farmers hold on to supplies, according to data from Safras & Mercado.

  • The U.S. Department of Agriculture confirmed private sales of 132,000 tonnes of U.S. new-crop soybeans to unknown destinations.

Reporting by Julie Ingwersen; Editing by David Gregorio


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