Soybeans: Chicago reopens higher on signs of strong US demand

Published Oct 16, 2024

Tridge summary

Soybean contracts on the Chicago Board of Trade are experiencing a rise after four consecutive sessions of decline, driven by strong crushing demand in the United States despite the advancement of the American harvest and potential rain in Brazil. September soybean crushing reached a record 177.320 million bushels, exceeding expectations, and there was a reported sale of 175,000 tons of soybeans to undisclosed destinations for the 2024/25 season. November contracts are quoted at US$ 9.97 per bushel, up 6 cents or 0.60%, and January 2025 contracts are trading with a 4.75 cent or 0.47% advance, quoted at US$ 10.08 1/4 per bushel.

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

Original content

Soybean contracts are rising in trading on the Chicago Board of Trade (CBOT) this morning, seeking recovery after four consecutive sessions of decline. According to Safras & Mercado, this recovery is driven by strong crushing demand in the United States, although gains are limited by the progress of the American harvest and forecasts of rain in Brazil. Check out the latest information on agriculture, livestock, the economy and weather forecasts in the palm of your hand: follow Canal Rural on WhatsApp! The North American Vegetable Oil Processors Association (NOPA) reported that soybean crushing reached 177.320 million bushels in September, a record for the month and above expectations of 170.331 million. The volume also exceeds the 158.008 million in August and the 165.456 million in September 2023. In addition, private exporters in the United States reported to the USDA the sale of 175,000 tons of soybeans to ...

Source: CanalRural