News

US corn and soybeans recover from 3-year lows

Soybean
Published Feb 26, 2024

Tridge summary

Despite hitting a three-year low, Chicago corn and soybean futures experienced a slight increase on Friday due to bargain-buying. Wheat also saw a rise for the second session in a row, potentially due to the threat of U.S. sanctions against Russia, a significant global wheat exporter. Factors such as the strengthening U.S. dollar and anticipated large harvests in major grain exporting countries like Brazil and Russia have led to the recent price drops. In other news, Argentina's corn and soybean crops are showing improvement following recent rainfall, and Ukraine's grain exports this month have exceeded last year's figures for the same period.
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

Chicago corn and soybean futures edged higher on Friday, with bargain-buying lifting prices after both markets dropped to their lowest levels in three years, although plentiful supplies are likely to limit gains. Wheat rose for a second session on supply concerns as potential U.S. sanctions against top global wheat exporter Russia could hit flows. “As has been the case for some time now, the principal cause of price declines remains the improved international production outlook, built upon expectations for large harvests in major grain exporters, including Brazil and Russia,” BMI, a unit of Fitch Solutions, said in a report. “Meanwhile, the recent strength of the U.S. dollar has also weighed on the prices of agricultural commodities.” The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.1% to $11.53-3/4 a bushel, as of 3:46 GMT, having dropped 1.5% this week. Corn prices dropped to their lowest levels since late 2020 on Thursday. Expectations of higher corn ...
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