Soybeans: Awaiting the US sales, Chicago operates mixed between USDA report and external scenario

Published Jun 13, 2024

Tridge summary

Soybean grain contracts on the Chicago Board of Trade (CBOT) saw mixed prices in electronic sessions, with the market fluctuating between positive and negative territories due to various factors. The market is supported by a less productive Brazilian harvest but pressured by a stronger dollar and a sharp drop in oil prices. Investors are now awaiting the USDA's weekly report on American soybean exports, with expectations ranging between 225 thousand and 700 thousand tons. Despite the volatility, soybean contracts for July delivery saw a slight increase to US$ 11.77 3/4 per bushel, while the August position quoted at US$ 11.66 3/4 per bushel saw a decrease of 5.00 cents or 0.42%.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybean grain contracts record mixed prices in electronic session negotiations on the Chicago Board of Trade (CBOT). Without a defined tone, the market oscillates between positive and negative territories. The oilseed finds support in the cut in the Brazilian harvest that is more timid than expected by analysts in the June supply and demand report from the United States Department of Agriculture (USDA). A more unfavorable external scenario, with the acceleration of the dollar against other currencies and the sharp drop in oil in New York, on the other hand, puts pressure on prices. Check out hot information about agriculture, livestock, economy and weather forecast in the palm of your hand: follow Canal Rural on WhatsApp! Furthermore, investors are awaiting the weekly report for American soybean exports that will be released today, at 9:30 am, by the USDA. Analysts expect sales between 225 thousand and 700 thousand tons. Contracts for delivery in July are quoted at US$ 11.77 3/4 ...
Source: CanalRural
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