USA: Chicago Mercantile Exchange soybean futures fell on Monday, while Canadian canola prices rose to two-month highs

Published 2024년 10월 8일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange fell due to expected rain in drought-stricken Brazil and Argentina, and as clear weather aided the Midwest harvest. November soybeans fell 3-3/4 cents to $10.34 a bushel, and December soymeal contract fell $6.50 to $324.00 a short ton. However, December soybean oil futures settled up 60 cents to 44.57 cents a pound. Rain is expected to increase in southern Brazil this week and reach northern parts next week, and heavy rains are expected in northern Argentina. Meanwhile, wheat futures rose due to dry weather in key global producing regions and escalating conflict in the Black Sea region and the Middle East. Corn futures gained due to higher wheat and rising crude oil prices, but gains were capped by a robust U.S. harvest and a strong dollar. The U.S. Department of Agriculture reported it inspected 933,274 tonnes of U.S. corn for export last week, in line with trade expectations.

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

Original content

Soybean futures on the Chicago Mercantile Exchange fell Monday on rain forecasts for drought-stricken Brazil and Argentina and as clear weather helped the Midwest harvest. CBOT November soybeans fell 3-3/4 cents to $10.34 a bushel. The most widely traded December soymeal contract fell $6.50 to $324.00 a short ton. December soybean oil futures settled up 60 cents to 44.57 cents a pound. Rain is expected to pick up in southern Brazil this week and reach northern parts of the top exporter next week after dry weather slowed early soybean planting, meteorologists Maxar said. Heavy rains are also expected in northern Argentina this week. Brazil’s 2024/25 soybean plantings reached 4.5% of the expected total area as of Thursday, up from 2% a week earlier but still well below last year’s 10%. A U.S. crop expansion amid largely favorable weather forecasts for planting has weighed on soybeans. Analysts polled by Reuters expect 44% of the crop to be harvested by Sunday. The U.S. Department of ...

Source: Oilworld