Soy closes higher in the US in a correction movement driven by demand

Published Aug 3, 2023

Tridge summary

Soybean futures contracts on the CBOT closed higher, with gains in the main maturities. Soybean meal futures also closed higher, while soybean oil closed lower. Strong US weekly sales data for soybeans and soybean meal supported prices, with soybean sales being the highest since December. The market remains volatile, with traders awaiting the release of the USDA's monthly supply and demand bulletin and keeping an eye on weather conditions in the American Midwest.

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

Original content

LIBRARY TV SNA SUBSCRIBE Soybean futures contracts on the CBOT closed higher. The main maturities registered gains of 4 to 5.50 cents, with September/23 quoted at US$ 13.82 (+ 0.40%) and November/23 at US$ 13.25¼ (+ 0.30%) the bushel. In the last five sessions, September recorded a fall of 5.02% and November of 5.20%. Soybean meal futures on the CBOT closed higher. The main maturities registered gains of US$ 3.20 to US$ 6.30, with September quoted at US$ 427.10 (+ 0.75%) and December at US$ 398.50 (+ 1.61% ), the short ton. In the last five sessions, September recorded a fall of 4.00% and December of 4.50%. Soybean oil closed again lower, with December registering a drop of 1.10%. In the last five sessions, December recorded a fall of 3.04%. Soybeans closed higher on the Chicago Stock Exchange this Thursday (3), with the market remaining very volatile. Traders are still waiting for the release of the monthly supply and demand bulletin of the USDA on the next 11th. In addition, ...

Source: SNA