Soybeans near one-week low on improved U.S. crop condition

Published 2022년 8월 2일

Tridge summary

Chicago soybean futures experienced a decline to a nearly one-week low on Tuesday following a USDA report that showed slight improvements in crop conditions. This drop was part of a broader trend that also affected wheat and corn prices, with wheat and corn both giving up over 1 % as Ukraine resumed maritime grain exports. The most active soybean contract on the CBOT fell 0.5% to $13.99 a bushel, wheat fell 1.5% to $7.88-1/2 a bushel, and corn gave up 1.1% to $6.03-1/4 a bushel. The USDA report indicated that soybean crop conditions had improved slightly, while corn conditions remained steady. Additionally, the European Commission lowered its forecast for the EU's maize harvest by 8%, and traders are closely monitoring the resumption of grain shipments from the Black Sea region.

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

Original content

Chicago soybean futures lost more ground on Tuesday, with prices dropping to their lowest in almost one week after a U.S. government report showed slight improvement in crop condition. Wheat and corn gave up more than 1 % as Ukraine resumed maritime grain exports, raising hopes for higher world supplies. “The USDA reported a one point improvement in U.S. soybean crop conditions is likely to keep the market on the back foot…,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.5% at $13.99 a bushel, as of 0325 GMT, with the market trading close to its weakest since July 27. Wheat Wv1 fell 1.5% to $7.88-1/2 a bushel and corn Cv1 gave up 1.1% to $6.03-1/4 a bushel. A weekly crop report from the U.S. Department of Agriculture (USDA) showed improved ratings for soybeans while conditions held steady for corn, defying trade expectations for downgrades. Condition ...

Source: Hellenic Shipping News