off-the-wire

CBOT soybeans fall, notching fifth consecutive week lower

Kitco Media
By Reuters
Published:
Updated:
Reuters
CHICAGO, March 17 (Reuters) - Chicago Board of Trade soybean futures fell on Friday to record a fifth straight weekly decline, and the benchmark May contract hit a 12-week low during the session on liquidation of bull-spreads and continued weakness in the Brazilian basis levels, analysts said.


* CBOT May soybeans settled 15 cents lower at $14.76-1/2 per bushel after hitting $14.70, the contract's lowest price since Dec. 20.


* For the week, the May contract fell 30-1/2 cents a bushel, or 2%, its fifth straight weekly decline.
* New-crop November soybeans ended down 11 cents at $13.13-1/2 a bushel.
* CBOT May soymeal ended down $8.00 at $466.00 per short ton and May soyoil fell 0.27 cents to finish at 57.46 cents per pound.
* Spot basis offers for soymeal held steady in the U.S. Midwest on Friday in subdued cash trade.


* Domestic demand for the feed ingredient has been light this week as end-users held off on booking purchases in hopes of cheaper prices. (Reporting by Cassandra Garrison; Editing by Paul Simao)

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