USA: Soybean futures on the Chicago Mercantile Exchange fell slightly in choppy trading on Friday

Published Nov 2, 2024

Tridge summary

Soybean futures on the Chicago Mercantile Exchange saw slight decreases in choppy trading due to strong U.S. export sales and improvements in weather conditions in Brazil, the world's leading soybean producer. The most-active November soybeans were unchanged at $9.82-1/2 a bushel, and the most-active January soybeans lost 3/4 of a cent to settle at $9.93-3/4 a bushel. Improvements in weather conditions in the U.S. have also capped price gains for wheat futures, despite rains in parched areas and ongoing drought in the U.S. Plains. However, concerns persist due to poor crop prospects in Australia. Meanwhile, corn futures have seen a rise due to export demand and easing harvest pressures, with the U.S. Department of Agriculture confirming large sales of U.S. corn to Mexico. Canola futures were mostly lower despite high prices for comparable oils, and the Canadian Grains Commission reported a decrease in canola exports compared to the previous year.

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

Original content

The most-active soybean futures on the Chicago Mercantile Exchange were down slightly in choppy trading Friday after rising earlier on strong U.S. export sales. CBOT November soybeans were unchanged at $9.82-1/2 a bushel, down 0.53% for the week. The most-active January soybeans lost 3/4 of a cent to settle at $9.93-3/4 a bushel. CBOT December soybean meal futures were down $4.20 at $295.30 a short ton, while December soybean oil futures were up 1.16 cents at 46.30 cents a pound. Improving weather conditions in Brazil, the world’s top soybean producer, capped price gains. The USDA confirmed private sales of 132,000 metric tons of U.S. soybeans to China and another 198,000 metric tons to undisclosed destinations. All shipments are scheduled for the 2024/25 marketing year, which began Sept. 1. The USDA also confirmed private sales of 30,000 metric tons of U.S. soybean oil to India. Wheat futures on the Chicago Mercantile Exchange fell as rains in the parched U.S. weighed on prices, ...

Source: Oilworld