SOYBEAN futures closed slightly lower on Thursday, undermined by late session profit taking following gains in recent days, traders said.
Reports of high yields in the US Farm Belt and increased production expectations in South America were bearish.
However, strong export demand limited losses. According to the USDA, private exporters made a sale of 120,000 tonnes of US soybeans to Russia.
The USDA also reported that net export sales for the 2013/14 year was 73.7% of their forecast at this point, which is above the five-year average of 51.5%
| CBOT Soybean Futures Prices (US$ per bushel) – 24 October | ||||||
| Contract Month | Closing Price | Previous Close | Daily Change | % Daily Change | Daily High | Daily Low |
| Nov | 13.0975 | 13.1000 | -0.0025 | -0.019% | 13.1800 | 13.0600 |
| Jan | 13.0375 | 13.0400 | -0.0025 | -0.019% | 13.1125 | 12.9975 |
SOYOIL futures closed lower on Thursday, undermined by spillover losses seen in the Malaysian palm oil and soybean markets, participants said.
| CBOT Soyoil Futures Prices (US cents per pound) – 24 October | ||||||
| Contract Month | Closing Price | Previous Close | Daily Change | % Daily Change | Daily High | Daily Low |
| Dec | 41.13 | 41.50 | -0.37 | -0.892% | 41.61 | 41.10 |
| Jan | 41.43 | 41.80 | -0.37 | -0.885% | 41.90 | 41.40 |
Commodity News Service Canada
SOYMEAL futures were higher on Thursday, underpinned by strong demand, brokers said.
| CBOT Soymeal Futures Prices (US$ per hundredweight) – 24 October | ||||||
| Contract Month | Closing Price | Previous Close | Daily Change | % Daily Change | Daily High | Daily Low |
| Dec | 426.00 | 421.40 | +4.60 | +1.092% | 428.10 | 420.30 |
| Jan | 415.90 | 413.20 | +2.70 | +0.653% | 418.30 | 412.00 |
CORN futures closed lower on Thursday, undermined by favourable weather in the US Corn Belt, which should help harvest progress quickly, industry watchers said.
Ideas that the US corn harvest could produce over 14 billion bushels, which would be a US record, were bearish.
However, strong export demand limited any further losses. According to the USDA, 1.341 million tonnes of corn were exported during the week ended October 3. Cumulative sales are 51.3% of the USDA forecast for 2013/14, which is higher than the five-year average of 41.9%
| CBOT Corn Futures Prices (US$ per bushel) – 24 October | ||||||
| Contract Month | Closing Price | Previous Close | Daily Change | % Daily Change | Daily High | Daily Low |
| Dec | 4.4025 | 4.4275 | -0.0250 | -0.565% | 4.4450 | 4.3850 |
| Mar | 4.5250 | 4.5525 | -0.0275 | -0.604% | 4.5700 | 4.5075 |
WHEAT futures finished lower on Thursday, weakened by profit taking following gains seen in recent sessions, analysts said.
According to the USDA, US wheat export sales during the week ended October 3 were 653,600 metric tonnes, which was down 22% from the previous week, adding to the bearish tone.
However, concerns about lowered wheat production in Argentina, Brazil and the former Soviet Union provided some support.
| CBOT Wheat Futures Prices (US$ per bushel) – 24 October | ||||||
| Contract
Month |
Closing Price | Previous Close | Daily Change | % Daily Change | Daily High | Daily Low |
| Dec | 6.9650 | 7.0075 | -0.0525 | -0.749% | 7.0800 | 6.9600 |
| Mar | 7.0700 | 7.1075 | -0.0450 | -0.633% | 7.1725 | 7.0625 |
RICE futures finished mixed on Thursday, strengthened by reports of good export demand and that the US harvest is nearing completion, traders said.
On the other side, some profit-taking following recent gains were bearish.
| CBOT Rice Futures Prices (US$ per hundredweight) – 24 October | ||||||
| Contract Month | Closing Price | Previous Close | Daily Change | % Daily Change | Daily High | Daily Low |
| Nov | 15.535 | 15.460 | +0.075 | +0.485% | 15.535 | 15.465 |
| Jan | 15.330 | 15.460 | -0.130 | -0.841% | ||
