CBOT Soya Oil Slid Lower Ahead Of USDA Report

Mumbai, May 8, (Commoditiescontrol): Chicago Board of Trade (CBOT) July soyoil posted a decline of 0.71 cent to settle at 43.79 cents per pound on Wednesday, ahead of the forthcoming monthly supply and demand reports from the U.S. Department of Agriculture (USDA). Soy oil prices declined despite ongoing disruptions in harvest due to flooding in Brazil's Rio Grande do Sul state.

CBOT July soymeal closed $4.70 lower at $378.50 per short ton. CBOT July soybean futures witnessed a downward trend, settling 18-3/4 cents lower at $12.27-3/4 per bushel.

Analysts surveyed by Reuters anticipate the USDA's weekly export sales report, scheduled for Thursday, to reveal U.S. soybean export sales ranging between 250,000 to 600,000 tons for the 2023-24 marketing year.

In South America, trading patterns for soy oil from Argentina and Brazil depicted divergent bases and Free on Board (FOB) values. Argentine soy oil trading observed a basis of -400 (sellers) and -480 (buyers), with corresponding FOB values at $877.23 (sellers) and $859.59 (buyers). Similarly, Brazilian soy oil trading displayed a basis of -450 (sellers) and -560 (buyers), with recorded FOB values at $866.21 (sellers) and $840.96 (buyers).

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange experienced a decline of 61 ringgit, or 1.55%, settling at 3,869 ringgit ($816.24) per metric ton.

Dalian's most-active soyoil contract registered a minor decrease of 0.13%, while its palm oil contract observed a 0.24% reduction. Soyoil prices on the Chicago Board of Trade exhibited a decline of 1.17%.

ICE canola futures faced a decline, halting a five-day upward streak, attributed to favorable rains in the Canadian Prairies, alleviating concerns regarding dry soil. The most-active July canola declined by $10.40, settling at $656.70 per metric ton.

Market sentiment data from May 8th indicated net selling activity for soybeans, soymeal, and soy oil, with figures standing at -7500, 2000, and 2500, respectively.

Additionally, the EuroNext commodities exchange reported the futures contract for August 2024 settling at Euro 480.50 per metric ton, marking an absolute change of 3 euros.

(By Commoditiescontrol Bureau; +91-9820130172)