Soy closes lower, pressured by the rise of the dollar in the international market, the advance of harvesting in the USA, and planting in Brazil
Market & Price Trends
Published Sep 22, 2023
Soybean futures on the CBOT closed lower, with November's price reaching its lowest since August 8th. The decrease was attributed to the rise of the dollar and the wide supply available in the market, as well as disappointing weekly sales figures. Corn futures also closed lower due to the rise of the dollar and the advance of the harvest in the USA.
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SNA TV LIBRARY SUBSCRIBE November's low of the day ($12.93) recorded the lowest price since August 8th - Image by jcomp on Freepik Soybean oil closed lower for the fourth consecutive session, with December recording a drop of 1.50%. December's low of the day (58.28) recorded the lowest price since August 8th. In the last five sessions, December recorded a drop of 5.38%. Soybeans closed sharply lower, pressured mainly by the rise of the dollar, which reached a six-month high on the international market overnight, following yesterday's meeting of the Fed's Monetary Policy Committee (FOMC). The wide supply available on the market weighed on soybeans. The weekly sales figures released by the USDA were disappointing, as in addition to being below estimates, they recorded the lowest volume in two months. The November expiration broke the 100-day moving average for the first time in six weeks and also the $13.00 support. The contract has not closed below US$13.00 since June 29th. ...