Soybean futures on the Chicago Mercantile Exchange in United States rose on Monday

Published 2024년 11월 5일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange rose on Monday due to strong U.S. export demand ahead of the presidential election. The U.S. Department of Agriculture reported significant sales to undisclosed buyers, easing pressure on futures prices as farmers complete harvesting. Brazil's soybean planting is also progressing well. Meanwhile, wheat futures on the Chicago Mercantile Exchange ended higher, with improved U.S. export demand supporting most-active corn futures. Strong end-user demand and a lack of significant farmer selling helped support the canola market, despite some pressure from weaker futures in other oilseeds and crops.

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

Original content

Soybean futures on the Chicago Mercantile Exchange rose Monday as demand for U.S. exports remained strong ahead of the country’s presidential election, traders said. The U.S. Department of Agriculture said exporters sold 132,000 tons of U.S. soybeans to undisclosed buyers, continuing a spate of recent sales announcements in its daily reporting system. Farmers are nearly done harvesting U.S. soybeans, traders said, easing pressure on futures prices. Brazil’s soybean planting was 54% complete as of last Thursday, up 51% from a year ago, according to consultancy AgRural. The CBOT’s most-active January soybean futures rose 3.5 cents to $9.97.14 a bushel. CBOT December soybean meal futures rose $4.30 to $299.60 a short ton, while December soybean oil futures fell 74 cents to 45.56 cents a pound. Traders said oil prices rose nearly 3%, setting a positive tone for crop prices. Low crop prices have boosted export sales of late, as bumper U.S. harvests increase available supplies. “Like ...

Source: Oilworld