Soybeans work stable in Chicago this Thursday, despite low numbers from the USDA

Soybean

Grains, Cereal & Legumes

United States

Market & Price Trends

Published Mar 29, 2024

Tridge summary

Following the latest USDA report indicating a 5% decrease in the area allocated for cereal crops, grain futures, especially corn and wheat, saw a significant increase of over 3% on the Chicago Board of Trade. This report also revealed that while soybean areas are expected to grow by 3% from the last harvest, the figure fell short of previous estimates, leading to a slight uptick in soybean futures. These changes in crop area forecasts have notably impacted trading activities on the CBOT, underscoring the market's responsiveness to agricultural predictions and stock levels.

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

Grain futures traded on the Chicago Stock Exchange react to the latest information brought by the USDA (United States Department of Agriculture) this Thursday (28), with highlights for corn and wheat. Both were up more than 3% among their main positions in the most traded contracts in the early afternoon today. Around 1:20 pm (Brasília time), corn prices rose from 14.25 to 15.75 points on the CBOT, taking May to US$4.42, July to US$4.54 and December - an important reference for the American harvest - worth US$4.76 per bushel. The USDA estimated a 5% reduction in the area allocated to cereals in the next harvest compared to the previous one, to 36.42 million hectares. The number, in addition to being lower than last season, is also lower than what the USDA projected at the Outlook Forum in February, of 36.83 million hectares. In the case of soybeans, the area is estimated at 35.01 million hectares. The number is 3% higher than that of the previous harvest, however, the number ...

Source: NoticiasAgricolas