Cereals fall in Chicago after disappointing sales

Published Dec 13, 2024

Tridge summary

Grain and soybean prices in Chicago saw a decline on Thursday due to disappointing weekly sales figures. The USDA reported that corn, soybean, and wheat sales were lower than anticipated. Despite this, sales of 334 kt of soybeans to unknown destinations were confirmed. The Brazilian soybean harvest forecast remains unchanged at a record 166.2 Mt. Meanwhile, wheat is experiencing a decline due to Southern Hemisphere harvests and the increased competitiveness of Argentine origins. The Rosario Exchange has increased its estimate for the Argentine 2024 crop by 500 kt to 19.3 Mt. As a result, SRW wheat due March 2025 was down 5.75 c$/bu to $5.58/bu, corn futures due March 2025 were down 4.75 c$/bu to $4.43/bu, and soybeans for delivery January 2025 were up 0.25 c$/bu to $9.96/bu.

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

Original content

Grain and soybean prices ended in negative territory on Thursday evening in Chicago, after particularly disappointing weekly sales statistics. According to the USDA, US corn (947 kt) and soybean (1.2 Mt) sales fell below market expectations last week, while wheat sales fell short of the consensus (290 kt). However, the USDA confirmed sales of 334 kt of soybeans to unknown destinations during the session. Conab also left its Brazilian soybean harvest forecast virtually unchanged, at a new all-time record of 166.2 Mt, compared to 157.7 Mt last year. Wheat is losing ground again in the face of pressure from Southern Hemisphere harvests and the rapid gain in competitiveness of Argentine origins on the international scene. The Rosario Exchange also raised its estimate for the ...

Source: TerreNet