USA: CBOT soybeans showed decent gains on Friday; wheat prices in the EU ended the week with growth

Published 2024년 7월 8일

Tridge summary

Soybean and wheat futures on the Chicago Mercantile Exchange saw an increase due to concerns over hot, dry weather in the U.S. Midwest and a weaker dollar, respectively. The USDA reported higher than expected wheat exports, while corn export sales were lower than expected. Concerns about the soybean crop, particularly with hot weather affecting pollination, and concerns about wheat supplies, both in the U.S. and Europe, contributed to the market movements. ICE canola futures also rose due to mixed vegetable oils market sentiment and a weaker Canadian dollar.

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

Original content

Soybean futures on the Chicago Mercantile Exchange firmed Friday as concerns grew over hot weather forecasts in the U.S. Midwest and technical trading traded thin during the day, traders said. Forecasts of hot, dry weather in July are adding to concerns about the soybean crop during the crucial pollination phase, traders said. The USDA reported weekly U.S. old-crop soybean export sales of 228,400 tons, while analysts estimate the figure at 200,000 to 600,000 tons. Traders covered short positions between the market closure for Fourth of July and the weekend. Trading volume was low as many industry participants took Friday off to enjoy the four-day weekend. August soybeans rose 8.5 cents to $11.66.4 a bushel. The most active November soybean futures rose 8.1/4 cents to $11.29 3/4 a bushel. December CBOT soybean meal futures closed up $3.30 at $332.50 per short ton. The August CBOT soybean oil contract ended up 0.91 cent at $49.55 a pound. Wheat futures on the Chicago Mercantile ...

Source: Oilworld