Tridge summary
Chicago soybeans dipped on Tuesday after hitting a seven-week high on Monday due to concerns over US yields and Brazilian weather. Wheat and corn prices also fell in early Asian trade. The soybean market had surged 2.7% on Monday amid worries about Brazilian crop weather and US yields. The USDA maintained its national soybean yield estimate at a record 53.2 bushels per acre, while dry weather in Brazil delayed planting. Commodity funds' significant net short positions in soybean and corn futures make these markets prone to short-covering. The USDA reported the US corn harvest at 14% complete, slightly below expectations but above the five-year average. European trade association Coceral reduced its estimate of the EU and Britain's grain crop. Global stock indexes rose on Monday after a significant interest rate cut by the Federal Reserve, while the euro weakened against the dollar due to poor euro zone business activity readings.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Chicago soybeans edged lower on Tuesday, giving up some of the previous session's gain that drove prices to their highest in seven weeks on concerns over US yields and Brazilian weather, reported Reuters. Wheat and corn prices eased in early Asian trade, after both markets closed higher on Monday. The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.3% to $10.36 a bushel, after climbing on Monday to $10.42 a bushel, the highest since Aug. 5. Wheat lost 0.1% to $5.82 a bushel and corn fell 0.2% to $4.12-1/2 a bushel. The soybean market rallied about 2.7% on Monday on worries about crop weather in Brazil, the world's top supplier, and yields from the harvest in the United States, the second-largest exporter. With the US harvest under way, market players await more harvested yield data to determine whether a hot and dry finish to the Midwest growing season impacted yields. The US Department of Agriculture (USDA) this month kept its national soybean yield ...
Source: The Cattle Site
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