USA: Soybean futures on the Chicago Mercantile Exchange fell sharply on Friday

Published 2024년 7월 29일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange fell sharply due to changing weather forecasts, with August soybeans closing at their lowest level in contract history. Wheat futures also declined as North Dakota's spring wheat fields are expected to yield record highs. Corn and canola prices dropped amid uncertain and improved weather forecasts, respectively. South Korea's Major Feedmill Group purchased 60,000 tonnes of soybean meal, and the Taiwan Flour Millers' Association issued a tender for 105,650 tonnes of milling wheat. Russian and French wheat forecasts were revised with mixed conditions. Additionally, canola production increased slightly from the previous year, but exports decreased by 1.19 million tons, with domestic consumption figures also noted.

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

Original content

Soybean futures on the Chicago Mercantile Exchange fell sharply on Friday as previous forecasts of hot, dry weather were complicated by expectations of rain in the Midwest. August soybeans closed down 38.5 cents at $10.77.5 a bushel, hitting their lowest level in contract history at $10.71.5. The most active November soybean futures fell 31 cents to $10.48-1/2 a bushel, near 2020 lows. In August CBOT trading, soybean meal rose $0.90 to $353.30 per short ton. August CBOT soybean oil futures finished down 2.15 cents at 43.66 cents a pound. For the week, the most active soybean futures rose 1.2% Soybean futures are giving up some gains after hitting a two-week high this week. The initially hot and dry weather forecast in the US for early August, a key month for soybean crop development, has become more uncertain. There is a chance of storms in the northwest and southeast Midwest over the next 10 days, according to the Commodity Weather Group on Friday. The company said the rains are ...

Source: Oilworld