Soybeans up on short covering and higher move in soybean oil in the US

Published 2021년 10월 7일

Tridge summary

Soybeans and corn markets experienced slight gains due to short covering and technical buying, influenced by anticipated harvest results and international production forecasts. Soybeans face pressure to meet demand expectations, with a significant crop expected from Brazil, potentially impacting U.S. export volumes. Corn markets are closely watching both U.S. and Brazilian production trends, with a mix of optimism and uncertainties related to weather conditions and yield prospects. Wheat prices were mostly down due to slower demand and positive planting reports, with eyes on key growing regions and international buyers like Egypt and Taiwan. The agricultural market remains dynamic, with various factors influencing price movements and trade flows.

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

Original content

Soybeans were modestly higher on short covering and technical buying. U.S. harvest activity is ongoing, with minor rain delays expected in some areas into next week. Beans are watching yields closely, needing a trend-line yield or better to meet demand expectations and limit further price inflation for end users. Contracts also saw some spillover from a higher move in bean oil, which followed energies and caught up to the recent gains in world vegetable oils. CONAB is projecting a record crop for Brazil, with generally good early rain coverage. The crop is seen at 140.752 million tons, an increase of 3.431 million tons from 2020, with 22 exports at 87.4 million tons. That will likely lead to even more competition on the export market, with U.S. exports taking a hit recently from shipping delays out of the Louisiana Gulf caused by damage from Hurricane Ida. Last week’s export sales were slightly lower than the previous week and just over a month into the marketing year, 2021/22 ...

Source: Brownfield Ag