CBOT soybeans end narrowly mixed; firm cash market lifts soymeal
DBA•China demand and USDA sales data in focus
- The run-up to next week's meeting between presidents Donald Trump and Xi Jinping kept attention on Chinese demand for U.S. soybeans. U.S. Treasury Secretary Scott Bessent said on Tuesday he planned to meet his Chinese counterpart this weekend.
- The U.S. Department of Agriculture reported net export sales of U.S. soybeans in the week ended September 10 at 1,702,000 metric tons, in line with trade expectations for 900,000 to 2,400,000 tons.
- Net sales of new-crop soymeal for the week totaled 186,800 tons, the USDA said, toward the low end of trade expectations for 150,000 to 500,000 tons.
Cash market, harvest delays support soymeal
- The benchmark CBOT December soymeal contract has climbed $26 a ton, or 7.5%, this month, driven by strong cash markets after widespread seasonal shutdowns at Midwest crushing plants curbed soymeal supplies.
- Also, heavy rains in recent days stalled the early harvest in key states such as Iowa, slowing the arrival of soybeans into processing sites. SYP/
Soybeans end narrowly mixed as soymeal strengthens
CHICAGO, Sept. 17 (Reuters) - Chicago Board of Trade soybean futures closed narrowly mixed on Thursday, with the most-active nearby contracts falling on profit-taking after multiyear highs set last week and a setback in crude oil, traders said.
- Soybean futures turned higher at times in choppy trade, buoyed by soaring soymeal futures amid tight domestic supplies of the feed ingredient.
- CBOT November soybeans SX26 settled down 3/4 cent, or 0.06%, at $13.19-3/4 per bushel, staying below last week's contract high of $13.35-1/4.
