USA: Soybean futures on the Chicago Mercantile Exchange hit their highest level in two months on Friday

Published 2024년 9월 30일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange reached a two-month high due to concerns about crop and infrastructure damage from Hurricane Helene and short-covering ahead of key crop reports. Soybean meal futures also rose, along with corn futures, due to positioning and uncertainty about rainfall prospects in northern Brazil. Wheat futures ended lower due to continued selling and export competition. The USDA is expected to report wheat stocks at a four-year high and reduce its estimate for U.S. wheat production in 2024/25. The European Commission also reduced its forecast for EU useful wheat production to a 12-year low due to adverse weather conditions.

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Original content

Soybean futures on the Chicago Mercantile Exchange hit their highest in two months on Friday, as soybean meal futures rose sharply on concerns about damage to crops and infrastructure in the Gulf Coast region after Hurricane Helene made landfall, and short-covering ahead of key crop reports Monday, traders said. CBOT November soybeans rose 24-3/4 cents, or 2.4%, to $10.65-3/4 a bushel. For the week, the contract has gained 53-3/4 cents a bushel, or 5.3%. The most popular December soybean meal contract ended the day up $17.30, or 5.3%, at $344.10 a short ton, while the October front-month contract ended the day up $19.50, or 6%, at $343.70 a ton. Soybean meal got a boost from traders closing positions ahead of the first day of delivery notice for October CBOT futures, which falls on Monday. CBOT soybean oil futures bucked the broader trend, with the benchmark December contract ending down 54 cents, or 1.3%, at 42.36 cents a pound. Traders were preparing for the release of quarterly ...

Source: Oilworld