World markets for grains and oilseeds

Published 2024년 12월 20일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange rose on Thursday due to a technical recovery after hitting a four-year low, driven by expectations of a record crop in Brazil, decreased Chinese demand for U.S. soybeans, and uncertainties about U.S. biofuel policy. Despite these challenges, U.S. exporters have managed to sell soybeans to undisclosed destinations. The stronger U.S. dollar, making U.S. crops less competitive on the global market, and the anticipated harvest in South America continue to pose significant challenges. In other grain markets, Tunisia purchased wheat and durum in an international tender, and South Korea bought animal feed maize in a private deal, with the purchase likely to come from the U.S., South America, or South Africa.

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

Original content

Soybean futures on the Chicago Mercantile Exchange rose on Thursday in a technical recovery after falling to a fresh four-year low earlier in the session. Soybean prices have fallen this week, weighed down by rising expectations for a record crop in Brazil, lack of Chinese demand for U.S. soybeans and lower soybean oil prices amid doubts about U.S. biofuel policy. Consultants are forecasting a record soybean crop in Brazil, and the upcoming harvest in South America is likely to add to the pressure on the market. The U.S. Department of Agriculture reported weekly net exports of 1,424,200 metric tons, in line with trade expectations of 825,000 to 2,000,000 metric tons. U.S. exporters sold 227,200 mt of soybeans to undisclosed destinations, of which 152,000 mt were for delivery in the 2024-25 season and 75,000 mt were for delivery in the 2025-26 season, according to the U.S. Department of Agriculture. Front-month soybean contracts hit an all-time low. All-soybean meal contracts hit ...

Source: Oilworld