CBOT futures edge higher on weaker dollar, rising export demand in United States

Published 2024년 8월 21일

Tridge summary

Soybean futures saw a slight increase due to a weaker dollar and a rise in export demand, with September soybean futures rising 1 cent to settle at $9.57-1/4 a bushel. Meanwhile, the most-active November soybean futures contract settled at $9.76 a bushel. Soybean export data showed that China's U.S. soybean imports tripled in July from the previous year, and exporters sold 239,492 tons of soybeans to Mexico for 2024/2025 delivery. Wheat futures also firmed due to a weak dollar, making U.S. wheat more competitive on the global market. However, strong USDA crop ratings weighed on prices. Corn futures fell as the Midwest harvest showed good results, but drought in parts of the Midwest kept prices low. Canola futures closed lower on Tuesday, giving up most of the previous day's gains due to a lack of support from the Chicago Soybean Complex, European canola, and Malaysian palm oil.

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

Original content

Futures firmed slightly Tuesday on a weaker dollar and rising export demand, as traders monitored reports of the ongoing Pro Farmer agricultural tour in the Midwest, analysts said. CBOT September soybean futures rose 1 cent to settle at $9.57-1/4 a bushel. The most-active November soybean futures contract settled at $9.76 a bushel. The most-active December CBOT soybean meal futures contract fell $2.20 to settle at $308.30 a short ton. The most-active CBOT soybean oil contract in December rose 12 cents to close at $39.20 cents a pound China's U.S. soybean imports tripled in July from a year earlier, according to General Administration of Customs data released Tuesday. Exporters sold 132,000 tons of soybeans to China for 2024/2025 delivery, according to the U.S. Department of Agriculture. Exporters sold 239,492 tons of soybeans to Mexico for 2024/2025 delivery, according to the U.S. Department of Agriculture. South Dakota and Ohio are seeing above-average pod counts, according to ...

Source: Oilworld