News

USA: Corn and soybeans hover around three-year lows as Chinese demand falls

Soybean
Maize (Corn)
United States
Market & Price Trends
Published Feb 28, 2024

Tridge summary

Wheat prices have dropped due to an influx of cheap shipments from the Black Sea region. Meanwhile, the Chicago Board of Trade's most active soybean contract, CBOT Sv1, saw a slight increase of 0.4% at 11.88-1/4 a bushel, and CBOT Cv1 corn also rose by 0.2% to 4.30. Despite a plentiful supply of soybeans from South America, demand in China is decreasing due to a reduction in pig numbers. While estimates for Brazil's 2023/24 soybean crop have been cut by the USDA, Brazilian crop agency Conab, and two private agencies, the USDA has increased its estimates for Brazil's latest crop and Argentina is set for a record harvest.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Wheat fell as cheap shipments from the Black Sea region continued to pressure all prices. The Chicago Board of Trade's most active soybean contract, CBOT, Sv1 was up $0.4% at 11.88-1/4 a bushel at 0525 GMT, while Cbot Cv1 corn rose up US$0.2%, to 4.30. Both contracts fell last week to their lowest levels since December 2020, with soybeans touching $11.79 and corn hitting $4.28-1/4. Cbot Wv1 wheat was down $0.3% at 5.94-3/4 a bushel, staying some distance from a three-year low of $5.40 hit last September. Soybean supply from South America is plentiful, while demand in China is weakening as declining pig numbers reduce the need for feed, according to Vitor Pistoia at Rabobank in Sydney. "China imports approximately 60% of all soybeans exported. If they are not buying a lot, the price will fall," he said. Pistoia added that price dynamics may not change until data showing how much land U.S. farmers have planted with soybeans, corn and wheat is released in late March. Markets ...
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