USA: Corn and soybeans have a sharp drop on the Chicago Stock Exchange

Published 2023년 3월 1일

Tridge summary

Soybeans, corn, and wheat prices have dropped on the Chicago Stock Exchange due to the progress of the soybean harvest in Brazil and expectations of abundant grain supply. The Brazilian National Supply Company (Conab) reports that 34% of the 2022/23 crop area has been harvested, a decrease from 42.1% the previous year. Meanwhile, US grain exports have seen a significant decrease, and the first estimates for the 2023/24 US harvest suggest a higher supply. Additionally, the extension of the grain export agreement between Russia and Ukraine is impacting wheat prices, despite increasing tension in Eastern Europe. The humid climate in US winter wheat areas is also affecting the crop.

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

Original content

Soybeans closed sharply on the Chicago Stock Exchange, with investors reflecting the advance of the crop harvest in Brazil. Oilseed contracts due for May, the most traded, closed down 2.23%, at US$ 14.79 per bushel. The Brazilian offer grows in the international market as the harvest progresses in the country. According to the National Supply Company (Conab), the harvest of the 2022/23 crop reached 34% of the area until last Thursday, against a percentage of 42.1% observed in the same period last year. “The soy harvest evolved well, and the yields observed in the main producing states so far alleviated not only the delay in harvesting, but also the losses in Rio Grande do Sul and Argentina”, evaluates Roberto Carlos Rafael, partner-owner of Germinar Agronegócios , reinforcing that this scenario is unfavorable to the demand for US grain. In this sense, American exports fell 54.4% in the week ended February 23, to a volume of 690.9 thousand tons, informed the Department of ...

Source: Beefpoint