Soybeans highest in US overnight trade

Published Mar 3, 2023

Tridge summary

Soybean futures have seen an increase due to a rise in domestic crush to 191 million bushels in January, a slight decrease from the same period last year. Iowa and Illinois were the top soybean crushing states. The decline in the US dollar in overnight trading has also made US supplies more appealing to international buyers. There is also market activity due to concerns over the future of the Black Sea Grain Initiative, which is crucial for the export of agricultural products from Ukraine.

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

Original content

Soybean futures were higher as domestic crush increased month on month and the grain posted modest gains in overnight trading. Processors crushed 191 million bushels of soybeans in January, up from 187 million the previous month, the US Department of Agriculture (USDA) said in a report. The total is still down from the 194 million bushels processed during the same month a year ago, the USDA said. This led to production of 2.25 billion pounds of oil, up 3% from December but down 1% from a year earlier. Iowa was the biggest soybean crusher in January, with 1.15 million tonnes, followed by Illinois with 679,969 tonnes, government data show. The US dollar was down 0.25% in overnight trading, which may make US supplies more attractive to overseas customers. Buyers are entering the market after a brief sell-off that lasted until earlier this week. Grain futures were moderately higher in overnight trade on concerns over the future of the so-called Black Sea Grain Initiative, which is ...

Source: Agrolink