CBOT soybeans end lower on technical selling, US weather
DBA•Soybeans close lower on chart-based selling
Chicago Board of Trade soybean futures closed lower on Thursday on chart-based selling and outlooks for milder crop weather in the U.S. Midwest next week, traders said.
- CBOT August soybeans SQ26 settled down 7-1/4 cents, or 0.6%, at $11.95 a bushel.
- Most-active CBOT November soybeans SX26 ended down 6-3/4 cents, or 0.56%, at $11.95 a bushel, turning lower after reaching a session high of $12.06-3/4.
- The November contract was unable to match Monday's near two-month high of $12.07-1/4, triggering profit-taking.
Soymeal gains as soyoil and soybeans weaken
- CBOT August soyoil BOQ6 closed down 0.49 cent, or 0.7%, at 72.43 cents per pound.
- Soymeal futures bucked the weaker trend and ended higher on meal/oil spreading. CBOT August soymeal SMQ26 ended up $4, or 1.25%, at $322.90 per short ton.
Export sales and weather outlook support demand
- The U.S. Department of Agriculture reported net export sales of old-crop U.S. soybeans in the week to July 9 at 188,300 metric tons, toward the low end of trade estimates for 100,000 to 500,000 tons.
- But new-crop sales for the week totaled 1.769 million tons, topping expectations for 900,000 to 1.7 million tons.
- Following a week of sizzling heat in the Midwest, forecasts called for less-threatening temperatures next week and increased chances of showers that could bolster crop prospects.
- Brokers noted scattered cash soybean sales by U.S. farmers.
