News

Soybeans, corn stuck near 3-year lows on abundant supplies in the US

Maize (Corn)
United States
Sustainability & Environmental Impact
Soybean
Market & Price Trends
Published Feb 12, 2024

Tridge summary

US corn and soybean futures are nearing three-year lows due to improved crop weather in South America and predictions of plentiful supplies. Despite this, losses were curbed by short covering ahead of the weekend. Soybeans experienced an eighth consecutive weekly drop, while corn fell for the eighth time in nine weeks. Wheat futures rose due to bargain buying, short covering, and a weaker US dollar. The markets are now focusing on supply and demand estimates from the US Department of Agriculture and Brazil's Conab, both of which have lowered their projections for Brazilian soybean and corn output due to recent drought.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

But the market was lower in the week for the fifth time in six weeks. Corn and soybean markets remained focused on supply and demand estimates released by the U.S. Department of Agriculture (USDA) and Brazil’s Conab a day earlier. Both reduced projections of Brazilian soybean and corn output in the light of recent drought. Consultancy Safras & Mercado also cut its Brazilian soy crop estimate on Friday. The USDA trimmed its global corn stocks outlook in Thursday’s monthly report, but raised its world soybean stocks view to an all-time high and cut its U.S. soybean export forecast. “The (USDA) report yesterday didn’t feed the bear in corn, whereas the U.S. and world stocks for soybeans went above the high trade estimates,” said Mike Zuzolo, president of Global Commodity Analytics. Rain forecast in Brazil and Argentina, which has endured a heat wave in the past week, has also tempered worries about stress to corn and soy crops. Chicago Board of Trade (CBOT) March soybeans SH24 were ...
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