Grains: Soybeans ease as market weighs recession risks, U.S. acreage
United States
Published Jul 3, 2022
Tridge summary
Chicago soybean prices eased on Friday as recession fears cast a pall on commodity markets and traders took a cautious view on the U.S. government’s sharp cut to its soybean planting estimate. After an initial rally following Thursday’s U.S. Department of Agriculture acreage report, the market was waiting to see if the steep downward revision to soybean planting would be amended later in the season.
Original content
“The USDA also said it will resurvey some places,” said a China-based trader, referring to the agency’s plan to collect updated planting information in some states. Corn and wheat edged higher on Friday, recovering from fresh multi-month lows hit earlier in the session as participants adjusted positions before a holiday weekend in the United States. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.6% at $14.48-3/4 a bushel by 1151 GMT. Vegetable oil markets including soyoil fell as risks of an economic downturn stoked demand concerns, though mineral oil rose due to supply outages. POI/O/R An increase in the USDA’s estimates of corn and wheat acreage weighed on the cereal markets on Thursday, adding to recent pressure from improving Midwest weather and advancing winter wheat harvesting. CBOT corn Cv1 added 0.8% to $6.24-3/4 bushel and wheat Wv1 rose 0.6% to $8.89-1/2 a bushel. Both markets touched their lowest since February earlier in the ...
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