CBOT soybeans hit 9-1/2-yr high on Ukraine crisis, improving U.S. demand
23.02.2022 (www.agriculture.com) - CHICAGO, Feb 23 (Reuters) - Chicago Board of Trade soybean futures surged to a 9-1/2-year high on Wednesday on rising Russia-Ukraine tensions that lifted global vegetable oil prices and on improved U.S. export prospects as Brazilian cash premiums climbed. * CBOT May soybeans ended up 36 cents at $16.71 a bushel after peaking at $16.75, the highest for a most-active contract since September 2012. * CBOT May soyoil ended up 0.52 cent at 70.58 cents per lb and CBOT May soymeal ended $15.20 higher at $466.00 a ton. * All soyoil contracts and nearly all soybean contracts posted life-of-contract highs during the session. * Soybeans remain well supported by poor crop conditions in parts of South America, although rains forecast for dry areas of Argentina and southern Brazil this week offered some relief. The shortfall in Brazil has slowed farmer selling and sent local cash prices higher, making U.S. supplies more competitive on the global market. * Uncertainty over sunflower oil supplies due to the conflict between Russia and Ukraine is spurring demand for rivals palm oil and soyoil, fuelling a red-hot vegetable oil market. * China will plant soybeans on every patch of land possible this year, the agriculture minister said, as it seeks to reduce its dependence on huge annual imports. * Private exporters reported the sale of 132,000 tonnes of soybeans to China for shipment in the 2022/23 season, the U.S. Department of Agriculture (USDA) said. * The USDA is due to issue its outlook for 2022 U.S. soybean acreage on Thursday. Analysts polled by Reuters, on average, expect 89.2 million acres (360,979 square kilometers) planted. (Reporting by Karl Plume Editing by Marguerita Choy)
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