USA: Soybean futures on the Chicago Mercantile Exchange rose on Tuesday amid short-covering

Published 2024년 11월 6일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange rose due to short covering, despite the pressure easing from a record-US. crop. Traders were adjusting positions on Election Day, with concerns that former President Trump's reelection could escalate trade tensions with China. The U.S. soybean harvest was 94% complete, and the USDA is expected to cut its estimates for U.S. soybean production and yield since October. Wheat futures were also driven higher by short positions, as traders await the outcome of the U.S. presidential election and a crop report. The U.S. Department of Agriculture raised its estimate for the U.S. winter wheat crop to "good to excellent," though it remains historically low. However, Euronext wheat prices hovered near a two-month low as results from an Egyptian tender suggested competition for Black Sea exports remained fierce.

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Original content

Soybean futures on the Chicago Mercantile Exchange rose on Tuesday amid short covering, while pressure eased from a record-breaking U.S. crop, analysts said. Traders adjusted positions on Election Day amid expectations that former President Donald Trump’s reelection could escalate trade tensions with China, the world’s largest soybean importer. The U.S. soybean harvest was 94% complete as of Sunday, the U.S. Agriculture Department said, easing pressure on futures prices from an influx of new supplies. The USDA’s monthly report on Friday is expected to cut its estimates for U.S. soybean production and yield since October, according to a Reuters poll of analysts. The CBOT’s most-active January soybean futures contract rose 4.5 cents to trade between $10.01 and $3.40 a bushel at the close of trading. December soybean meal futures on the CBOT fell $0.10 to $299.50 a short ton, while December soybean oil futures fell 57 cents to 44.99 cents a pound. “Ninety percent of crop prices today ...

Source: Oilworld