USA: CBOT soybeans fell on Wednesday after three sessions of gains

Published 2024년 8월 29일

Tridge summary

Soybeans saw a decline on Wednesday after three consecutive gains, influenced by improved weather conditions and rainfall in the U.S. Midwest, which eased drought concerns. However, uncertainty persists regarding the potential impact on crop yields. The U.S. Department of Agriculture announced private sales of soybeans to China for the 2024-25 marketing year. Meanwhile, concerns about heat waves and dry conditions in the Midwest have impacted corn futures. Additionally, the market welcomed the USDA's approval of a genetically modified wheat variety. Canadian crop estimates for 2024 show increases in soybeans, wheat, and canola, while Germany's forecast sees a decrease in wheat production due to poor weather. The Canadian dollar experienced a slight decline midway through the day.

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

Original content

Soybeans fell on Wednesday after three sessions of gains, weighed down by milder weather in the U.S. Midwest and beneficial rains after a hot spell. The most-active CBOT November soybean futures contract fell to $9.77 a bushel. The most-active CBOT December soybean meal futures contract fell $3.90 to $308.30 a short ton. The most-active CBOT December soybean oil futures contract fell 0.3 cent to 40.72 cents a pound. Concerns about a heat wave and lack of rainfall in much of the Midwest have weighed on prices in the last few sessions due to potential damage to the soybean crop at a key stage of its development. However, recent rains have eased drought in many areas, although uncertainty remains about whether it will be enough to help the soybean crop reach its potential. “We haven’t fully allayed the concerns yet about whether we’re going to get the rains in time to get big crops,” said Ted Seyfried, a strategist at Zaner Group, according to Reuters. The extreme heat in the central ...

Source: Oilworld