CBOT: Corn and soybean futures fell on Wednesday in the US
Soybean
Published Mar 28, 2024
Tridge summary
On Wednesday, the Chicago Board of Trade (CBOT) saw a decline in corn and soybean futures as traders adjusted their positions ahead of the U.S. Department of Agriculture's (USDA) quarterly grain inventory and crop outlook reports. This market movement is in response to anticipated changes in U.S. planting intentions after a record corn harvest last year led to a significant drop in futures for corn, soybeans, and wheat. Analysts expect a shift in 2023 plantings, with decreased corn and wheat and increased soybean acreage, alongside higher crop inventories as of March 1. The adjustments were primarily technical, aimed at risk mitigation before the USDA data release. The article also highlights Agroconsult's raised forecast for Brazil's 2023/24 soybean crop, indicating a significant increase.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Chicago Board of Trade (CBOT) corn and soybean futures fell Wednesday as traders adjusted positions ahead of the U.S. Department of Agriculture's (USDA) quarterly grain inventory and crop outlook reports due Thursday. Traders are focused on U.S. planting intentions after farmers harvested a record corn crop last year, sending corn futures to three-year lows in 2024. Soybean and wheat futures also fell to three-year lows this year. Market analysts predict that beginning in 2023, U.S. corn and wheat plantings will decline and soybean plantings will increase, while inventories of all three crops as of March 1 will be higher than a year ago. Market activity on Wednesday was driven by technical moves as traders sought to reduce risks before the USDA releases its data, analysts said. “This report has been a game-changer for a long time,” said Tom Fritz, a broker at EFG Group. “People are going to take revenge. A lot of guys today are sitting back and waiting to see what the USDA says," ...
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