Chicago Board of Trade (CBOT) soybean futures rebounded on Wednesday, supported by a wave of new U.S. export sales that helped the market recover from its lowest levels in more than a month, according to traders cited by Reuters.
January soybean futures settled 4 cents higher at $10.91-1/4 per bushel, after briefly slipping to $10.81-1/2, the weakest price since October 30. January soymeal futures ended 10 cents lower at $301.20 per short ton, while January soyoil edged up 0.07 cent to 51.09 cents per pound.
The turnaround in soybeans followed confirmation from the U.S. Department of Agriculture (USDA) of several significant export transactions: 136,000 metric tons of U.S. soybeans sold to China, 331,000 tons to undisclosed destinations, and 120,000 tons of soymeal bound for Poland.
However, gains were limited by expectations of large upcoming harvests in South America, where mostly favorable weather including this week’s widespread rainfall across Brazil has bolstered production prospects. Traders also remain cautious about the pace at which China will follow through on its pledge to purchase 12 million metric tons of U.S. soybeans under the recent trade understanding with Washington.
After markets closed, the USDA reported that U.S. processors crushed 237 million bushels of soybeans in October surpassing the average analyst estimate of 234.2 million bushels. Ahead of Thursday’s weekly export sales report, analysts expect net U.S. soybean export sales for the week ending November 13 to range between 600,000 and 1.4 million metric tons.
