ADVERTISEMENT

ADVERTISEMENT

CBOT soy ends up, gaining against corn on USDA plantings view

CHICAGO - Chicago Board of Trade soybean futures closed modestly higher on Thursday, gaining against corn on inter-market spreads after the U.S. Department of Agriculture's 2016 U.S. corn plantings projection topped trade expectations.

1868880+Soybeans.jpg

CHICAGO - Chicago Board of Trade soybean futures closed modestly higher on Thursday, gaining against corn on inter-market spreads after the U.S. Department of Agriculture's 2016 U.S. corn plantings projection topped trade expectations. The USDA said farmers this spring intend to plant 93.6 million acres of corn, above the high end of expectations, and 82.2 million acres of soybeans, slightly below the average trade estimate. The USDA also reported March 1 U.S. soybean stocks at 1.531 billion bushels, just below the average trade estimate in a Reuters poll of 1.556 billion but still the most since March 1, 2007. CBOT soyoil futures  rose, with the front May contract hitting its highest level since June 2015. CBOT soymeal futures fell on oil/meal spreads. USDA reported export sales of U.S. soybeans in the week to March 24 at 271,500 metric tons for 2015/16, below trade expectations, and 90,000 metric tons for 2016/17. USDA reported weekly export sales of soymeal at 211,600 metric tons for 2015/16 and 200 metric tons for 2016/17, in line with trade expectations. USDA reported weekly export sales of soyoil at 18,200 metric tons, all for 2015/16, in line with expectations. Malaysian palm oil futures fell for a second day as a stronger ringgit currency dragged the market down.

Related Topics: CROPSSOYBEANS
What To Read Next
Commercial farmers in Nebraska, the Dakotas, and Minnesota start using drones for spraying, seeding.
This week on AgweekTV, we hear about North Dakota corporate farming legislation and about WOTUS challenges. Our livestock tour visits a seedstock operation and a rabbit farm. And we hear about new uses for drones.
Kevin and Lynette Thompson brought TNT Simmental Ranch to life in 1985. Now, their daughter, Shanon Erbele, and her husband, Gabriel, are taking over the reins, and their sale is for Feb. 10.
Gevo will be making sustainable aviation fuel in Lake Preston, South Dakota. Summit Carbon Solutions plans to capture carbon emissions from the facility.