Soybeans fall as Brazil pours supply into market

Market & Price Trends
Published Mar 1, 2024

Tridge summary

Chicago soybean futures dropped due to Brazil's ongoing harvest, contributing to an already abundant market. Despite this, corn futures saw a rise for the fifth day in a row, largely due to short-covering by speculative investors. Wheat also saw an increase, despite predictions of large Russian production. Even with a downgrade in Brazil's 2024 soybean output estimate, production is expected to be near last year's record crop. Speculative investors are predicting further declines for soybeans, corn, and wheat, but their large short positions could potentially lead to price increases.
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

Chicago soybean futures fell on Thursday and hovered just above three-year lows as the ongoing harvest in top producer Brazil poured cheap beans into an already well-supplied market. Corn futures rose — their fifth straight daily gain from a three-year low last week — but analysts say this is largely due to short-covering by speculative investors and plentiful supply will continue to pressure prices. Wheat also moved higher despite forecasts for large Russian production that are keeping a lid on gains. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $11.40-3/4 a bushel by 0527 GMT after dropping to $11.34 on Monday and Wednesday, the lowest since November 2020. “Supplies coming out of South America are pressuring the market,” said Andrew Whitelaw at agricultural consultants Episode 3. “We expect a continued bearish environment.” Industry association Abiove cut its estimate for Brazil’s 2024 soybean output for the second time this month to ...
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