World markets for grains and oilseeds

Published 2024년 12월 28일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange ended their week lower due to a lack of follow-on buying after reaching a nearly two-week high. The March contract fell 7-1/2 cents to $9.89-3/4 a bushel, despite gaining 10-1/2 cents a bushel for the week. This decline is attributed to strong soybean crop prospects in Brazil and Argentina, where farmers are planting less soybean due to low prices in favor of other crops. In contrast, wheat futures ended higher, driven by strong weekly U.S. export sales and a weaker dollar, making U.S. grain more competitive on the world market. The U.S. Department of Agriculture reported that U.S. wheat export sales were higher than expected, supporting the rise in wheat futures.

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

Original content

Soybean futures on the Chicago Mercantile Exchange ended lower Friday on a lack of follow-on buying after the benchmark March contract hit its highest level in nearly two weeks. CBOT March soybeans fell 7-1/2 cents to $9.89-3/4 a bushel, turning lower after climbing to $9.98-1/4 early in the move. For the week, the March contract has gained 10-1/2 cents a bushel, or 1.07%. The January spot soybean contract, which expires Jan. 14, was down 8 cents Friday at $9.80 a bushel. CBOT March soybean meal futures fell $4.40 to $310.50 a short ton, while March soybean oil futures rose 12 cents to 40.00 cents a pound. Spot soybean meal prices were largely unchanged at rail and truck terminals across the U.S. Midwest and at export terminals along the Gulf Coast, a spot check showed Friday. The basis fell three cents at a trucking terminal in Frankfort, Ind., after the location switched to the March contract. Trading volumes are expected to remain light this week following the Christmas ...

Source: Oilworld