Tridge summary
Soybean futures on the Chicago Mercantile Exchange fell due to profit taking and weakness in crude oil, despite lower-than-expected crop data from the U.S. Department of Agriculture. Brazil's 2024-25 soybean plantings reached 67%, up from the previous week. Wheat futures also fell due to noticeable moisture in the U.S. Plains wheat crop, making a shortage of winter wheat less likely. Corn futures also fell due to profit-taking and weakness in crude oil. Russian wheat export prices and shipments were lower due to muted international demand and new export rules aimed at preventing domestic price spikes. However, new Russian export rules inadvertently helped Ukraine secure lucrative sales to Egypt's GASC last week. Russia's weekly grain exports are estimated at 0.77 million tonnes, down from 1.19 million tonnes the previous week.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybean futures on the Chicago Mercantile Exchange fell Monday on news of profit taking and weakness in crude oil, after hitting Friday's highs. Lower-than-expected crop data from the U.S. Department of Agriculture helped prices. CBOT January soybeans ended down 8 cents at $10.22-1/4 a bushel. CBOT December soybean oil futures were down 63 cents at 48.14 cents a pound. CBOT December soybean meal futures were down $1.10 to settle at $295.10 a short ton. Brazil's 2024-25 soybean plantings reached 67% of the total expected as of last Thursday, up from 54% the previous week and 61% a year earlier, according to agribusiness consultancy AgRural. December soft red winter wheat futures on the CBOT fell 7 cents to settle at $5.65-1/2 a bushel. December hard red winter wheat futures in Kansas City fell 4-3/4 cents to settle at $5.59-1/2 a bushel and December spring wheat futures in Minneapolis fell 5-3/4 cents to settle at $5.92 a bushel. Wheat futures fell sharply as weekend rains brought ...
Source: Oilworld
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