USA: Soybeans intensify declines in Chicago with bran losing more than 2%, corn and wheat also falling

United States
Market & Price Trends
Published Apr 16, 2024

Tridge summary

The soybean market on the Chicago Stock Exchange is currently facing a downturn, with significant price drops in the early afternoon, primarily due to a decrease in soybean meal prices and a stronger dollar against the real. Despite the overall decline, soybean oil prices have shown resilience with a minor increase. Market dynamics are being influenced by weather conditions impacting the harvest in Argentina and planting in the US, alongside geopolitical tensions in the Middle East. Traders are eagerly awaiting upcoming USDA data on crop planting progress, which could significantly impact market movements.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The soybean market continues to work in a negative field on the Chicago Stock Exchange, however, intensifying its losses in the early afternoon of this Monday (15). Prices, around 1:50 pm (Brasília time), lost 10.75 to 14.50 points, with May being quoted at US$ 11.59 and July at US$ 11.72 per bushel. The intense loss in bran and the dollar still strengthening against the real help with the pressure, according to Agrinvest Commodities. Around 2pm, derivative prices lost more than 2% among the most traded positions, with the first being quoted at US$336.80 per short ton. On the other hand, oil softened the declines considerably, operating very close to stability, with an increase of just 0.02%, and the first maturity being worth 45.88 cents per pound. "Last week, soybean meal prices rose well, especially due to concerns about the harvest in Argentina, which has been impacted by the rains. However, it is noted that from Wednesday onwards, the weather will be firmer for the next 10 to ...
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