Soybeans and corn try to reach a bottom in the United States

Published 2024년 8월 21일

Tridge summary

Soybeans recovered 1.8% of the price loss last week, closing at US$351 and US$380 for current and future positions, as the local market offers between US$348 and US$352 per ton and considers the lack of rain and the fall of the Brazilian dollar as bullish factors. The USDA projects a record harvest, but high soybean meal stocks in China, which imported 9% less in the first half of 2024 compared to the same period in 2023, might affect market strength. The crop conditions remain the best in four years with 68% of soybeans and 67% of corn rated as good to excellent. Corn also saw a 1.5% price improvement, while wheat prices were affected by the US and European harvest situations and the competitiveness of US exporters in the European market. Rapeseed rebounded due to the weakening dollar, and rice in Brazil continued to increase in price because of the fall of the dollar.

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

Original content

After losing almost 5% of its price last week, soybeans recovered 1.8% this Monday and closed at US$351 in the first position and US$380 in the July 2025 position. On Monday, the local market was offering between US$348 and US$352 per ton of available soybeans and US$340 per ton of soybeans from the next harvest. In the final stretch towards the US harvest that the USDA projects will be a record, the absence of rain on crops during the next week seems to be the last chance for a climate-based market in the US to strengthen. The fall of the dollar in Brazil, which reduces the competitiveness and the export stimulus of the Brazilian producer, is another bullish component, together with a certain reactivation of Chinese demand in the United States, which appears attracted by the lowest prices in four years, although high stocks of soybean meal are registered in China. In the first half of 2024, soybean imports from China fell 9% compared to the first half of 2023. They total 48 ...

Source: Agromeat