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USA: Corn and soybeans climb on Chicago after USDA

Maize (Corn)

Soybean

Grain & Cereals

United States

Price

Published Nov 9, 2024

Tridge summary

Corn and soybean prices in the US ended the week on a rise, despite the stronger Dollar Index, due to the USDA's latest report reducing the production estimates for 2024 US soybeans and corn. The USDA also announced new sales of soybeans and corn. Soybean oil continued its bullish trend in Chicago, anticipating potential tariffs that could increase domestic consumption. Wheat prices were mixed with no significant changes reported by the USDA.

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

Original content

Corn and soybean prices ended the week on an upward trend, however limited by a new notable strengthening of the Dollar Index, unfavorable to the competitiveness of US origins internationally. The trend was nevertheless supported by the latest monthly report from the USDA on global supply and demand, in which the 2024 US soybean production was notably cut by 3.3 Mt (121.4 Mt), to the surprise of the market. The US Department of Agriculture also reduced its estimate of the US corn harvest by 1.5 Mt (384.6 Mt). The session was also livened up by new sales announced by the USDA: 107 kt of soybeans to China, as well as 132 kt of soybeans and 201 kt of corn to unknown destinations. Soybean oil also continued its bullish rally in Chicago, in anticipation of tariffs promised by Donald Trump that could force the US industry to turn more to domestic consumption. Wheat, on the ...

Source: TerreNet