USA: Chicago Mercantile Exchange soybean futures fall on ample supplies and improving weather in South America

Published 2024년 10월 30일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange fell due to ample supplies and positive weather conditions in South America, with the U.S. Department of Agriculture reporting that the U.S. soybean crop is 89% complete, above the five-year average. Meanwhile, wheat futures rose sharply due to worse-than-expected winter wheat data and the completion of 81% of the U.S. corn harvest, well above the five-year average. Additionally, canola prices are expected to rise for the rest of the year before leveling off in early 2025, and the Canadian dollar experienced a slight decrease at midday.

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

Original content

Analysts said Chicago Mercantile Exchange soybean futures fell amid ample supplies and improving weather conditions in South America. CBOT November soybean futures settled down 8 3/4 cents at $9.65-1/4 a bushel. CBOT December soybean meal futures fell $3 to $301.80 a short ton, while December soybean oil futures rose 11 cent to 42.8 cents a pound. The U.S. Department of Agriculture reported late Monday that the U.S. soybean crop is 89% complete, above the five-year average of 78%, though slightly below analysts' expectations of 91%, with the 2024 crop set to be a record crop. Crop Progress data showed that the U.S. soybean harvest was 89% complete as of Sunday, 11% above the five-year average of 78%. USDA reports for 18 major states showed each state at an above-average pace. Rains in South America and other forecasts added to the pressure. Brazil’s October soybean exports are expected to total 4.58 million tons, according to ANEC estimates, down 0.05 million tons from last week ...

Source: Oilworld