News

US: Soybeans should start close to stability with Brazil's harvest on the radar; corn may rise and wheat may fall

Soybean
Published Feb 29, 2024

Tridge summary

By Ana Ritti, with information from Dow Jones Newswires São Paulo, 02/28/2024 - Grain futures contracts should operate in different directions at the beginning of this Wednesday's session on the Chicago Stock Exchange (CBOT). Soybeans should start close to stability with an eye on cutting projections for the Brazilian harvest and the progress of the country's harvest. Corn also tends to stay close to stability, but with an upward trend driven by covering short positions. Wheat contracts are expected to retreat, pressured by a profit-taking movement.
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

By Ana Ritti, with information from Dow Jones Newswires São Paulo, 02/28/2024 - Grain futures contracts should operate in different directions at the beginning of this Wednesday's session on the Chicago Stock Exchange (CBOT). Soybeans should start close to stability with an eye on cutting projections for the Brazilian harvest and the progress of the country's harvest. Corn also tends to stay close to stability, but with an upward trend driven by covering short positions. "The technical rebound observed in the last two days is evidence of interest, especially on the part of funds, in repositioning themselves to buy at current levels", states AgriTel in a note about soybeans and corn. Meanwhile, wheat could fall on profit-taking. Soybean prices tend to start out near stability. The advance in Brazil's harvest may continue to weigh heavily. According to the National Supply Company (Conab), the Brazilian harvest reached 38% of the planted area in the country last Saturday (24). ...
Source: Broadcast
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