US MIDDAY: soya turns higher

soya
soya

October 25, 2013

Chicago Board of Trade (CBOT) soya futures bucked seasonal harvest pressure in the United States and turned higher on Thursday after the release of export data showing huge US exports of soyameal. Corn turned weak on seasonal harvest pressure but declines were slowed by big exports of US corn.

Wheat eased on technical selling and profit-taking but continued to find underpinning from harsh weather in Argentina, Australia and the Black Sea that was seen trimming wheat crop prospects potentially leading to increased export deals for the United States. At 9:39 am CDT (1439 GMT), CBOT November soyabeans were up 5-1/2 cents per bushel at $13.15-1/2, December corn was down 2-1/2 at $4.40-1/2 and December wheat was unchanged at $7.01-3/4. December soyameal was up $4.20 per ton at $425.60.

Market observers shifted attention on Thursday to the big export sales numbers for soyameal, corn and soyabeans in the USDA’s weekly export sales report that was released at 7:30 am CDT (1230 GMT). The big numbers indicated continued brisk global demand for feed, analysts and traders said. “Corn and meal sales were phenomenal and certainly a plus for global feed demand … this is the big story for today,” said Sterling Smith, a futures specialist for Citigroup.

USDA early Thursday released export sales data for the week ending October 3, as part of its catch-up effort following the shutdown of the US government for most of the first three weeks of October. Next Thursday, USDA will release export data for the three weeks ending October 10, October 17 and October 24th. Export sales of corn at over a million tonnes were well above trader expectations and soyameal sales at nearly a million also were well above estimates. Courtesy: Reuters

Soya, Soyabean, World News,
Published in ZaraiMedia.com
Soya, Soyabean, World News,

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