News

United States: CBOT soybeans end lower, post 8th straight weekly drop on ample supply

Soybean
United States
Market & Price Trends
Published Feb 12, 2024

Tridge summary

Soybean futures at the Chicago Board of Trade fell due to continued selling following a bearish crop supply and demand report from the U.S. Department of Agriculture (USDA). The USDA's less-than-expected cut in its Brazilian soy harvest forecast and a record high global supply projection, along with a reduction in the U.S. soybean export forecast and predicted rainfall in Brazil and Argentina, contributed to the decline. This marks the eighth consecutive weekly drop, with March futures falling 0.4% in the week.
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

Investors had expected the USDA to make a larger cut to the crop in top exporter Brazil after a steeper reduction by Conab. Consultancy Safras & Mercado cut its Brazilian soy crop estimate on Friday. Forecasts for rain in Brazil and Argentina, which has endured a heat wave in the past week, have also tempered some concerns about crop stress. CBOT March soybeans SH24 settled down 10 cents at $11.83-1/2 per bushel. The contract earlier fell to within 2-1/4 cents of Wednesday’s low, which was the lowest level for a most-active contract Sv1 since December 2020. March futures fell 0.4% in the week, the eighth straight weekly decline. March soyoil BOH24 settled down 0.68 cent at 47.26 cents per pound, while March ...
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