US grain prices on February 16, 2023 where soybeans keep stable

Published 2023년 2월 16일

Tridge summary

Chicago soybean futures remained steady with a slight increase, defying expectations due to Brazil's record crop harvest and anticipated higher interest rates. Wheat prices were stable after an early decline, and corn prices saw a slight decrease. The soybean market is expected to remain well-supplied with the accelerating Brazilian harvest. The stronger dollar has affected agricultural markets, and risk uncertainty to grain supplies in the Black Sea due to the conflict in Ukraine has mitigated losses in the wheat and corn markets. FranceAgriMer has downgraded its forecast for French soft wheat exports this season due to competition from Black Sea supplies, but has significantly increased its barley export forecast after a series of shipments to China. U.S. soybean grinding production rose in January, and soybean oil inventories increased for the fourth consecutive month.

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

Original content

16, 2023, Chicago soybean futures held steady with prices rising for the first time in three sessions, despite Brazil's record crop harvest and expectations of higher interest rates. might slow down the uptrend. Wheat prices were steady after falling earlier in the session to their lowest in nearly a week, while corn prices fell slightly. The soybean market will be well supplied in the next few months as Brazil's harvest picks up speed, a trader based in Singapore said. On the Chicago Mercantile Exchange, soybean prices rose 0.1% to $15.27 per bushel. Wheat prices rose 0.3% to $7.82-3/4/bushel while corn prices fell 0.1% to $6.75-3/4/bushel. Brazil's soybean harvest is 17% complete, while progress has been more steady in Mato Grosso, Brazil's largest soybean-growing state. A stronger dollar, which makes greenback-denominated commodities expensive for buyers holding other currencies, has weighed on agricultural markets. The dollar rose after strong US retail sales data ...

Source: Vinanet