SOYBEAN COMPLEX FUNDAMENTALS : 09.09.2016
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Chicago Board of Trade soybean futures shrugged off losses to turn narrowly higher late in the trading session on Thursday on light technical buying ahead of a government crop report due next week.
Soybeans gained for the fifth straight session and rose to the highest levels in about two weeks, boosted by strong soy export demand led by top importer China. However, the lack of overnight sales announcements of U.S. soybean export sales capped gains.
A U.S. Department of Agriculture announcement on Wednesday of more than 400,000 MT of U.S. soybean export sales helped prompt gains, and investors were waiting for more announcements after China last week signed deals to buy nearly 4 million MT of U.S. soybeans.
Analysts polled by Reuters expected USDA in a report due on Monday to boost U.S. soybean yields to 49.2 bushels per acre, up from 48.9 bpa in August and a new record-high. In other news, Brazil's 2016-17 soybean crop showed the world's largest exporter of the commodity is expected to harvest a record 103.1 million MT early next year, an average of 12 forecasts showed, surpassing this
season's output by 8%.
In July, a survey of seven forecasts put the coming crop at 103.8 million MT. On Tuesday, Brazil's crop supply agency Conab at the Agriculture Ministry estimated Brazil's 2015/2016 soybean crop at 95.4 million MT in its 12th forecast.
Soybean could remain range bound to firm supported by firm export data. All eyes will be on the USDA report expected out next week.
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Soybeans gained for the fifth straight session and rose to the highest levels in about two weeks, boosted by strong soy export demand led by top importer China. However, the lack of overnight sales announcements of U.S. soybean export sales capped gains.
A U.S. Department of Agriculture announcement on Wednesday of more than 400,000 MT of U.S. soybean export sales helped prompt gains, and investors were waiting for more announcements after China last week signed deals to buy nearly 4 million MT of U.S. soybeans.
Analysts polled by Reuters expected USDA in a report due on Monday to boost U.S. soybean yields to 49.2 bushels per acre, up from 48.9 bpa in August and a new record-high. In other news, Brazil's 2016-17 soybean crop showed the world's largest exporter of the commodity is expected to harvest a record 103.1 million MT early next year, an average of 12 forecasts showed, surpassing this
season's output by 8%.
In July, a survey of seven forecasts put the coming crop at 103.8 million MT. On Tuesday, Brazil's crop supply agency Conab at the Agriculture Ministry estimated Brazil's 2015/2016 soybean crop at 95.4 million MT in its 12th forecast.
Soybean could remain range bound to firm supported by firm export data. All eyes will be on the USDA report expected out next week.
