USA: Soybean futures ended higher on the Chicago Mercantile Exchange on Wednesday

Published Nov 7, 2024

Tridge summary

Soybean futures on the Chicago Mercantile Exchange have risen after rebounding from a one-week low, driven by concerns over potential trade tensions following Donald Trump's re-election. Analysts believe the initial price drop was excessive, as any trade disputes would not immediately affect U.S. farmers due to China's seasonal shift to South American soybeans. The U.S. Department of Agriculture is expected to report strong soybean export sales, with a predicted reduction in domestic ending stocks. Meanwhile, corn and wheat futures also saw gains, and Euronext wheat futures rebounded. The article also notes that end users are entering the export market earlier than usual, with a significant decline in exports anticipated later, and offshore movement expected to concentrate in early 2024/25, indicating a shift in export patterns.

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

Original content

Soybean futures on the Chicago Mercantile Exchange ended higher on Wednesday, analysts said, as the market rebounded from hitting a one-week low amid concerns that Donald Trump’s re-election as U.S. president would spark a new trade war with top importer China. The initial decline in soybean prices was seen as excessive because Trump won’t take office until January, analysts said. The trade dispute would not immediately affect U.S. farmers because China would have already made a seasonal switch to buying South American soybeans by then, they said. Traders are watching to see whether China will increase its soybean purchases ahead of Trump’s inauguration. The U.S. Department of Agriculture is expected to report 2024-25 U.S. soybean export sales of 1.2 million to 2.2 million metric tons for the week ended Oct. 31, analysts said. Analysts polled by Reuters said the U.S. Department of Agriculture is expected to cut its domestic ending stocks forecast to 532 million bushels from 550 ...

Source: Oilworld