Afternoon highlights in the global market on August 30, 2024

Published 2024년 8월 30일

Tridge summary

Corn, soybean, and wheat futures have closed higher due to increased export demand, weather concerns in the U.S., and fund short covering. The USDA reported significant daily export sales to China and Colombia. However, crude oil prices have dropped due to economic concerns in China and the decision by OPEC+ to increase oil output in October. The EIA also reported that U.S. oil demand in June was at its lowest seasonally since 2020. The Export Inspections and Weekly Crop Progress and Conditions reports will be delayed until Tuesday, September 3, and the Grain and oilseed markets will be closed on Sunday, September 1, and during the day session on Monday.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Highlights Corn, soybean, and wheat futures closed higher ahead of the long weekend. A recent uptick in export demand, weather concerns in the U.S., and fund short covering supporting prices Friday. The USDA reported daily export sales of 132,000 MT of soybeans for delivery to China during the 2024/2025 marketing year and 100,000 MT of soybean cake and meal for delivery to Colombia during the 2024/2025 marketing year. Crude oil prices are lower due to economic concerns in China and news that OPEC+ will increase oil output in October. The EIA also reported that U.S. oil demand in June was the lowest seasonally since 2020. Export Inspections and Weekly Crop Progress and Conditions will be delayed until Tuesday, Sept 3. In observance of Labor Day, Grain and oilseed markets will be closed on Sunday, September 1, and during the day session ...

Source: Prairie Grain Partners