US: Chicago soybeans fall from two-week highs

Published 2024년 12월 30일

Tridge summary

Chicago soybean, wheat, and corn prices have experienced a decline from their recent highs, influenced by the market's reaction to a robust Brazilian crop, year-end position adjustments, and the strength of the dollar. Despite these downward pressures, the market remains buoyed by strong demand, as demonstrated by Algeria's significant purchase of 1.17 million metric tons of milling wheat. Additionally, Russia's agricultural consultancy IKAR predicts a decrease in Russia's wheat exports for the 2025-26 season, adjusting for a reduced harvest due to last year's decline. In China, authorities are advocating for increased financial support to stabilize key agricultural products, including grain, as a means to ensure food security for their growing population.

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

Original content

Chicago soybean prices eased from two-week highs on Friday as a record crop in Brazil weighed on the market, while wheat fell as operators adjusted their position in year-end trading and was still pressured by a strong dollar. Corn prices also slipped. The most-active soybeans on the Chicago Board of Trade (CBOT) shed 0.3% to $9.94 a bushel by 1215 GMT. The CBOT wheat contract fell 0.4% to $5.38-3/4 a bushel. CBOT corn dropped 0.3% to $4.52-1/2 a bushel. “The strength of the dollar, less than a month before the inauguration of the new American president, remains a factor of pressure on wheat prices, which are mechanically adjusting in order to remain attractive in the face of the arrival of new harvests from the southern hemisphere on the international scene,” Argus’ agriculture consultancy Agritel said in a note. However, strong demand illustrated by Algeria’s hefty purchase this week was supportive. Algeria’s state grains agency OAIC is believed to have purchased an estimated ...

Source: Hellenic Shipping News