Soy: while waiting for reports and with a favorable external scenario in the US, Chicago advances

Published Jun 12, 2024

Tridge summary

Soybean grain contracts on the Chicago Mercantile Exchange (CBOT) have seen a price increase in electronic session negotiations, driven by rising oil prices and a weakening dollar. The market is anticipating the supply and demand report from the US Department of Agriculture (USDA), with expectations of ending stocks remaining high for the 2023/24 season. Meanwhile, global ending stocks are predicted to slightly decrease for the same period. Brazil and Argentina's expected soybean productions have seen minor adjustments. The July delivery contract quote is at US$ 11.81 3/4 per bushel, showing an increase from the previous close.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybean grain contracts record higher prices in electronic session negotiations on the Chicago Mercantile Exchange (CBOT). The market is waiting for the supply and demand report from the US Department of Agriculture (USDA), which will be released today. Also this Wednesday, data on the country's inflation and interest rates will be announced. The increase in oilseed prices is driven by the increase in oil prices in New York and the deceleration of the dollar against other currencies. Check out hot information about agriculture, livestock, economy and weather forecast in the palm of your hand: follow Canal Rural on WhatsApp! According to traders and analysts consulted by international agencies, ending stocks should remain at 348 million bushels in 2023/24, compared to 340 million bushels estimated in May. For the 2024/25 season, 455 million bushels are expected, compared to 445 million bushels in the previous month. Production is expected to be around 4.444 billion bushels in ...
Source: CanalRural
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