USA: CBOT soybean futures rise

Published 2024년 10월 24일

Tridge summary

Higher tariffs could lead China to retain its leading position as a soybean importer, but U.S. soybean export premiums have reached a 14-month high due to the rush to ship a record U.S. crop and trade tension concerns. The U.S. Department of Agriculture has confirmed private sales of soybeans to China and other countries for the 2024/25 marketing year. Additionally, corn futures have risen due to export sales, and concerns about Russian grain export regulations have led to wheat futures increasing. Kazakhstan aims to export 12 million tonnes of its grain crop, and Bangladesh has issued a tender for 50,000 tonnes of milling wheat. Canola futures have seen mixed results, with concerns about a potential decrease in Canada's canola crop and the possibility of increased Chinese buying despite upcoming sanctions.

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

Original content

Higher tariffs on Chinese imports could trigger retaliation from a leading soybean importer. Meanwhile, U.S. soybean export premiums have hit a 14-month high as traders rush to ship a record U.S. crop ahead of the U.S. election and amid fears of renewed trade tensions. According to Mark Soderberg, senior agricultural market analyst at ADM Investor Services, “We continue to see good export demand, not from China, but from virtually every corner of the world.” CBOT November soybean futures rose 5¾ cents to $9.97½ a bushel. December CBOT soybean meal futures fell $2.70 to $315.00 a short ton, while December soybean oil futures fell 30 cents to 43.39 cents a pound. The U.S. Department of Agriculture confirmed private sales of 130,000 tons of soybeans to China and another 259,000 tons to undisclosed destinations. All shipments are scheduled for the 2024/25 marketing year, which began Sept. 1. Wheat futures on the Chicago Mercantile Exchange rose Wednesday, following gains in corn and ...

Source: Oilworld