News

Soybeans intensified losses in the US this Wednesday and closed the day with a drop of almost 2%, following bran

Soybean
United States
Market & Price Trends
Published Feb 22, 2024

Tridge summary

Soybean futures on the Chicago Stock Exchange suffered losses of around 20 points, following a nearly 2% drop in bran. This downturn was influenced by a decrease in soybean meal and soybean prices in China due to reduced demand from the local pig farming sector. The entire grain market and soybean complex on the Chicago Stock Exchange was negatively impacted, with corn futures falling almost 2%, and drops of 0.8% in oil and 0.6% in wheat.
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

The losses intensified among soybean futures traded on the Chicago Stock Exchange early this Wednesday afternoon (21) and ended the day with losses of around 20 points among the most traded positions. Thus, March lost US$11.60 and closed at US$11.58, while May was at US$11.63. The market returned the highs of the previous session and deepened the lows even further, following losses of almost 2% in bran also on the CBOT. The first position lost 1.7% to US$336.00 per short ton. As the Agrinvest Commodities team explained, part of this pressure came "from the collapse of soybean meal and the fall in soybean prices in China." Also according to the consultancy, the demand for the derivative in the Asian nation has weakened from the local pig farming sector, where margins are negative and reach negative US$21.00 per fat animal slaughtered. "Although feed stocks are low, buyers continue to look for cheaper substitute products in relation to soybean meal. It was reported this week that ...
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