US soy closes with a sharp drop on the return of the holiday with the market focused on crop conditions in Brazil

Market & Price Trends
Maize (Corn)
United States
Published Nov 25, 2023

Tridge summary

Soybean futures contracts on the CBOT closed lower, with drops of 25.50 to 25.75 cents for the main maturities. Soybean meal futures and soybean oil also closed lower. The USDA reported sales of soybeans and soybean meal from the 2023/24 harvest, with the main buyers being China, Spain, Mexico, and Indonesia.
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

Soybean meal futures contracts on the CBOT closed lower for the third consecutive session. The main maturities registered falls of US$ 0.70 to US$ 3.50, with December quoted at US$ 457.40 (- 0.15%) and January/24 quoted at US$ 434.10 (- 0 .80%) to short ton. In the last five sessions, December accumulated a drop of 1.86% and January/24 of 3.32%. Soybean oil closed lower again, with January/24 recording a drop of 4.59%. In the last five sessions, January/24 has accumulated an increase of 0.37%. USDA – Sales Exporters reported to the USDA the sale of 452,400 tons of soybeans from the 2023/24 commercial year, of which 129,000 tons to China and 323,400 tons to Unknown destinations. USDA – Weekly Soy Sales Report – United States exporters reported sales of 961,300 tons of soybeans from the 2023/24 harvest, including cancellations, in the week ending November 16. The volume, the highest of the commercial year, represents a drop of 75% compared to the previous week and 47% compared to ...
Source: SNA
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