Soy closes higher in the global market following the correction movement

Published 2023년 6월 2일

Tridge summary

Soybean futures contracts on the CBOT have experienced a rise, with notable gains in main maturities, contributing to a continued correction and recovery from recent losses. This increase is partially attributed to the rise in oil prices, with WTI and Brent surpassing 2% today. The behavior of soybean prices in Chicago is also influenced by the anticipation of OPEC's upcoming meeting and the prospects of renewable biodiesel demand in the US. Meanwhile, soybean meal futures have seen a decline, and there has been significant export activity for soybeans and soymeal to various countries, with some transactions remaining anonymous. Additionally, US oil exporters have reported sales of 1,700 tons of oil, contributing to the overall market dynamics.

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

Original content

Soybean futures contracts on the CBOT closed higher again. The main maturities registered gains of 14.75 to 23 cents, with the July/23 quoted at US$ 13.52½ (+ 1.73%) and the November/23 at US$ 11.83¾ (+ 1.26%) the bushel. Soybean meal futures on the CBOT closed lower. The main maturities fell from US$ 1.40 to US$ 3.60, with July quoted at US$ 397.80 (-0.90%) and December at US$ 367.70 (-0.38% ) the short ton. Soybean oil closed higher again, with July registering gains of 3.43%. Soybeans closed higher again, continuing the correction movement, recovering part of the recent losses. Once again, soybean oil, boosted by oil, supported soybeans on the Chicago Stock Exchange. “Oil at an increase of more than 2.50% supported soybean oil”, indicated the team at Agrinvest Commodities. Both WTI and Brent rose more than 2% today, registering highs at US$ 72.17 and US$ 76.42 per barrel, respectively, with the market very anxious for the new OPEC meeting that will take place this weekend . As ...

Source: SNA