CBOT soy at 14-month low after bearish USDA data
Posted by Labels: 2011 News, Futures Food Commodities
Soybean futures on the Chicago Board of Trade fell 2.36 percent on Friday, dropping to a 14-month low after the US Department of Agriculture raised its US soybean ending stocks forecast, traders said.* Front month January soybeans held above psychological support at $11 a bushel but fell to $11.00-1/4, the lowest spot soybean price since Oct. 8, 2010.
* CBOT soybeans ended the week down 2.6 percent.
* USDA raised its estimate of US 2011/12 soybean ending stocks to 230 million bushels, up from 195 million in November and above the average trade estimate of 214 million.
* The stocks increase came from reductions in USDA's forecasts of US 2011/12 soybean exports and the domestic soybean crush.
* USDA also raised the 2011/12 global soybean carryout to 64.54 million tonnes, from 63.56 million in November.
* Dry weather a concern in portions of South American's corn and soybean growing regions. Commodity Weather Group said 20 percent of Brazil's crop region was a bit dry and 25 percent of Argentina's corn and soy region had building dryness.
0 comments:
Posting Komentar