USA: Soybean futures on the Chicago Mercantile Exchange fell on large inventories on Monday

Published 2024년 10월 29일

Tridge summary

Soybean, wheat, and corn futures on the Chicago Mercantile Exchange experienced a decline due to large inventories and a drop in crude oil prices following Israel's unsuccessful strike on Iran. Soybean futures fell to $9.74 a bushel, wheat futures saw a sharp decrease due to wet U.S. wheat-growing areas and stabilized Russian wheat export prices. Corn futures also declined amid abundant supplies and election uncertainty. Canola futures on the ICE exchange dropped more than 2% due to weakness in related commodities such as soybean oil and crude oil. The U.S. soybean harvest is at its fastest pace since 2010, with 91% completion, and Brazil's soybean plantings have reached 36% of the expected total.

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

Original content

Analysts said soybean futures on the Chicago Mercantile Exchange fell on large inventories and a concomitant decline in crude oil prices on Monday. November CBOT soybean futures settled down 13 3/4 cents at $9.74 a bushel. December CBOT soybean meal futures fell $1 to $304.80 a short ton, and December soybean oil futures fell $1.46 cents to $42.69 a pound. Soybean prices fell on the side effect of a roughly $4 a barrel decline in oil prices after Israel's retaliatory strike on Iran bypassed oil and nuclear facilities and failed to disrupt energy supplies. The U.S. soybean harvest was 91% complete as of Sunday, the fastest pace since 2010, according to analysts polled by Reuters. Brazil's soybean plantings reached 36% of the expected total as of Oct. 24, up 18 percentage points from the previous week, thanks to better weather, according to agribusiness consultancy AgRural. Wheat futures on the Chicago Mercantile Exchange fell sharply on Monday as dry U.S. hard red winter wheat ...

Source: Oilworld