USA: CBOT soybean and corn prices fall on continued supply pressure

Published 2024년 10월 28일

Tridge summary

Soybean, corn, and wheat futures on the Chicago Mercantile Exchange have experienced a decline due to ample supplies and favorable weather conditions in South America. The U.S. Department of Agriculture confirmed large private sales of soybeans and corn to China, but the market's response has been limited due to existing large inventories. Meanwhile, wheat futures have also fallen due to beneficial rains in the U.S. and concerns about Russia's grain export regulations. Argentina's wheat exports are expected to reach high levels in 2024/25, and China's total grain output is anticipated to surpass 700 million metric tons this year. Canola futures have seen a slight increase, driven by expectations of a potentially lower Canadian crop yield, despite a recent report showing a decrease in canola exports for the past week.

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

Original content

Analysts said Chicago Mercantile Exchange soybean futures fell sharply on ample supplies and favorable weather in South America, as traders await the outcome of the U.S. presidential election. November CBOT soybean futures settled down 8.5 cents at $9.87-$3.40. December CBOT soybean meal futures settled down $4.60 at $305.80 a short ton, while December soybean oil futures fell 18 cents to $44.15 a pound. The U.S. Department of Agriculture confirmed private sales of 116,000 tons of U.S. soybeans to China for delivery in the 2024/25 marketing year that began Sept. 1. Corn and soybean prices fell on Friday after hitting their highest levels in more than two weeks on Thursday, when the U.S. Department of Agriculture reported its biggest weekly U.S. corn export sales in three years and announced increases in daily corn and soybean export sales. However, subsequent buying after the rally has been limited because inventories of those crops remain very large and favorable weather in South ...

Source: Oilworld