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Soybean oil and corn remain green in Chicago

Published Jan 16, 2025

Tridge summary

The soybean complex saw mixed trade with a decline in meal and bean prices but a rise in soybean oil to two-month highs, driven by the anticipated rain in Argentina and a potential record harvest in Brazil, alongside the rapid recovery in crude oil prices supporting the biofuel sector. Meanwhile, corn reached new highs despite increased ethanol stocks, aided by the recovery in crude oil prices and a weakening dollar. Wheat remained stable in Chicago as competition from the Southern Hemisphere increased. At the close in Chicago, SRW wheat due March 2025 rose to $5.47/bu, corn due March 2025 rose to $4.79/bu, and soybeans due March 2025 fell to $10.43/bu.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The soybean complex once again traded in a scattered manner this Wednesday evening in Chicago, with a decline in meal and bean prices, but a new rise in soybean oil to two-month highs. The expected arrival of rain in Argentina and the prospect of a record harvest in Brazil are certainly weighing on the sector, but the rapid upward recovery in crude oil prices is at the same time providing support to the entire biofuel sector. Corn also benefited from this recovery in black gold to build new highs of more than a year, despite ethanol stocks that jumped by another 900,000 barrels last week, to reach their highest level since April 2024 (25 Mb). The weakening of the dollar after reassuring inflation figures across the Atlantic also gave the market an additional boost. Wheat, however, remains stable in ...
Source: TerreNet
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