CBOT soybeans rise on rising demand in United States

Published 2024년 9월 2일

Tridge summary

Labor Day weekend will mark a pause in agricultural markets in Canada and the U.S. amidst positive trends in agricultural commodities. Soybean prices in the U.S. have seen a significant uptick, with a notable increase on Friday due to heightened demand and a large sale to China, resulting in the largest weekly gain in four months. Wheat prices also strengthened, buoyed by weak production forecasts in the European Union and a drought in the Black Sea region. Meanwhile, corn prices have experienced a slight increase, backed by improved demand and unexpectedly high U.S. export sales. In contrast, canola prices have dipped slightly after a steep rise, attributed to profit-taking activities. Overall, the market is showing positive trends for key agricultural commodities like soybeans, wheat, corn, and canola, with concerns such as planting difficulties and production challenges in various regions influencing price movements.

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

Original content

Markets in Canada and the U.S. will be closed Monday for Labor Day. Prices rose Friday on rising demand, including news of another soybean sale to China, with futures posting their biggest weekly gain in four months. The CBOT's most-active November soybean futures contract rose 7.5 cents to $10.00 a bushel. The CBOT's most-active December soybean meal futures contract rose $2.10 to $313 a short ton. The CBOT's most-active December soybean oil futures contract fell 0.12 cent to 42.01 cents a pound. For the week, the most-active soybeans contract rose 2.77%, or 27 cents, for its second weekly gain and the biggest gain since April. Exporters sold 132,000 tons of U.S. soybeans to China and 100,000 tons of soybean meal to Colombia, according to the U.S. Department of Agriculture’s daily data. U.S. soybean oil use for biofuels rose to 1,267 million pounds in June, up from 1,076 million pounds in May, EIA data showed Friday. Wheat futures on the Chicago Mercantile Exchange posted their ...

Source: Oilworld