USA: CBOT soybeans fall on crop pressure and ample global supply

Published Sep 17, 2024

Tridge summary

Soybean futures on the Chicago Mercantile Exchange fell as U.S. farmers began harvesting a record crop, adding to already abundant global supplies. Exporters sold 132,000 MT of U.S. soybeans for the 2024/25 season, and 401,287 MT were shipped in the week ending Sept. 12. However, U.S. soybean crushes in August fell to their lowest single-month level in nearly three years. Chicago wheat futures also fell on profit taking. Meanwhile, ICE Futures canola futures rose sharply following new data from Statistics Canada, and the Canadian dollar saw a slight decrease.

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

Original content

Soybean futures on the Chicago Mercantile Exchange fell Monday as U.S. farmers began harvesting what is expected to be a record soybean crop, adding to already abundant global soybean supplies. CBOT November soybean futures fell 1-3/4 cents to settle at $10.04-1/2 a bushel. CBOT December soybean meal futures rose $0.90 to settle at $323.80 a short ton, while December soybean oil futures rose 0.18 cent to settle at 39.11 cents a pound. Exporters sold 132,000 MT of U.S. soybeans to undisclosed destinations for delivery in the 2024/25 season, according to the USDA’s daily report. The USDA export inspection report showed 401,287 MT of soybeans were shipped in the week ending Sept. 12. That was up 9.95% from the previous week but down 6.69% from the same week last year. Mexico was the top destination with 121,006 MT, of which 81,235 MT went to Indonesia. U.S. soybean crushes in August fell below all trade forecasts, hitting their lowest single-month level in nearly three years, while ...

Source: Oilworld