Soybean Watch: CBOT Called Steady To 2 Cents Higher.

Resource News International, February, 2004

Winnipeg, MB, Feb 04, 2004 (Resource News International via COMTEX)

Chicago Board of Trade soybean futures are seen opening steady to 2 US cents per bushel higher, as follow-through buying is expected from Tuesday's strong close. However, continued concerns due to the Asian bird flu will likely weigh on prices. Soymeal is called steady to US$0.50 per short ton higher. Soyoil is called 0.05 US cents to 0.10 US cents per pound higher.

Brazil's 2003/04 (Oct/Sep) soybean production is now forecast at 58.9 million metric tons by the Brazilian vegetable Oil Industry Association, or Abiove, up 800,000 tons from their Dec estimate. The 2002/03 crop was estimated at 51.6 million tons. Ending stocks are now forecast at 2.29 million tons by Abiove, compared to...

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