US: Soy closes higher with dollar retreat

Published 2022년 11월 29일

Tridge summary

Soybeans closed higher on the Chicago Stock Exchange due to a decline in the dollar and good export sales. The January 23 Soybean contract closed up 1.27% at $1454.50, and the May 23 quote closed up 1.17% at $1466.75. However, the increase was limited by Argentina's new program that attracts demand to the country. The USDA reported a soybean sale of 110,000 tons to an unknown country and recorded 2,022 MMT of soybean exports in the week ended 11/24. Indonesia has maintained its 8:1 ratio of palm oil for the domestic market and for exports.

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

Original content

Soybeans closed higher on the Chicago Stock Exchange, with a decline in the dollar and good export sales, according to information released by TF Agroeconomia. “January 23 Soybean contract closed up 1.27% or $18.25 cents/bushel at $1454.50. The May 23 quote, which is already being traded in Brazil, closed up 1.17%, or $17.0 cents/bushel at $1466.75. The October Soybean Meal contract closed up 1.13% or $4.6/short ton at $413.50 and the October Soybean Oil contract closed up 2.13% or $1. 59/pound at $76.11”, he comments. “The soy market closed sharply on the back of the fall in the dollar against the Brazilian real, which boosted US exports and the good volumes shipped in the US, which show a very active demand. The rise was limited by the information that Argentina has implemented a new program of "Dollar Soy!, 230 pesos/dollar in the country, which should attract demand to that country in January", he adds. The United States Department of Agriculture (USDA) reported a soybean sale ...

Source: Agrolink