USA: Soybeans on Chicago face volatility at closing; weather in Brazil impacts

Published 2024년 11월 1일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange (CBOT) saw a drop in prices, particularly for meal, while oil prices increased. The drop in prices was despite strong demand for North American soybeans and the announcement of sales of 198,000 tons of soybeans to undisclosed destinations, including 132,000 tons to China. The market was influenced by forecasts of favorable weather conditions for planting in Brazil and the appreciation of the dollar against other currencies. Soybean contracts for delivery in January 2025 closed down 0.75 cents, or 0.07%, at US$9.93 3/4 per bushel, and soybean meal for December fell US$4.20, or 1.4%, closing at US$295.30 per ton.

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

Original content

Soybean futures on the Chicago Mercantile Exchange (CBOT) closed this Friday (1st) with falling prices, especially for meal, while oil saw increases. During the week, the January/25 position for soybeans accumulated a drop of 0.38%. The market, which was previously supported by strong demand for North American soybeans, lost strength and ended the session in negative territory. Volatility was constant throughout the day, influenced by the forecast of favorable weather conditions for planting and crop development in Brazil. In addition, the appreciation of the dollar against other currencies further pressured prices. Private exporters in the United States informed the United States Department of Agriculture (USDA) about the sale of 198,000 tons of soybeans to undisclosed destinations, 132,000 tons to China and 30,000 tons of soybean oil to India, all with delivery scheduled for the 2024/25 season. Soybean contracts for delivery in January 2025 closed down 0.75 cents, or 0.07%, at ...

Source: CanalRural