The soybean market developed impressively in the US and Europe

Published 2024년 3월 21일

Tridge summary

Agricultural commodity prices saw mixed trends in the US and Europe. In the US, wheat and corn prices dropped by 1.2% and 0.1% respectively, while soybeans and canola saw increases of 2.1% and 0.4%. The rise in soybean prices was attributed to confirmed private sales of 120,000 tonnes of US soybeans and potential crop damage due to heavy rains in Argentina. Wheat prices fell due to abundant Black Sea supplies and a stronger dollar. In Europe, mill wheat and fodder wheat prices fell, while corn and rapeseed prices rose, with mill wheat at 199 euros, corn at 187.75 euros, rapeseed at 452 euros, and feed wheat at 169 British pounds per ton.

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Original content

In America, it was more likely that buyers prevailed, while in Europe, balanced trading could be seen on the crop markets. In Chicago, wheat became cheaper by 1.2 percent, but corn by 0.1 percent, soybeans by 2.1 percent, and canola by 0.4 percent more than the previous day. In Europe, the course of mill wheat and fodder wheat also closed in the red, but corn and rapeseed rose in price. Chicago soybean futures jumped more than two percent on Wednesday and rose above psychological levels, with the U.S. trading unit climbing above $12 a bushel. Commodity market funds appeared to cover short positions speculating on price declines, brokers said, while news of fresh US soybean export sales and excessive rains in Argentina supported the trend. Wheat futures became cheaper as a result of abundant supplies from the Black Sea and the strengthening of the dollar, the latter of which makes US grain exports less competitive. The dollar strengthened on Wednesday before the commodity market ...

Source: AgroForum