USA: CBOT soybean prices rise

Published 2024년 9월 4일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange neared a four-week high due to strong export demand and China's planned anti-dumping investigation into Canadian canola imports, indicating potential shifts in oilseed supply sources. U.S. soybean crop ratings likely declined due to dry conditions, while the USDA reported high export inspections and significant sales to China. Wheat and corn futures also rose amid technical trading, concerns over EU and Russian production, and anticipated lower Midwest crop estimates. Warm weather in the Midwest is reducing early frost concerns, but dry conditions persist across 20% to 25% of the U.S. corn crop, particularly in the Ohio Valley and the far northwest Midwest.

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

Original content

Soybean futures on the Chicago Mercantile Exchange neared a four-week high on Tuesday, boosted by export demand and news that China plans to launch an anti-dumping investigation into Canadian canola imports. Traders said market participants took the news as a sign that China may be looking for other options for supplying oilseeds such as soybeans and canola. The CBOT’s most-active November soybean futures contract rose 12 cents to settle at $10.12 a bushel. The CBOT’s most-active December soymeal futures contract rose $7.80 to settle at $320.80 a short ton. The CBOT’s most-active December soybean oil futures contract fell 1.03 cents to settle at 40.98 cents a pound. China’s canola meal futures on the Zhengzhou Commodity Exchange jumped 6% after the announcement, hitting their highest since Aug. 6. Ratings for the U.S. soybean crop likely fell slightly last week as dry conditions intensified in parts of the Midwest crop belt, according to the average of estimates from 10 analysts ...

Source: Oilworld