US: The price of soybeans fell due to the expected record harvest in Brazil

Canola Seed & Rapeseed

Published Feb 2, 2023

Tridge summary

In America, the price levels on the crop markets were mixed on Wednesday, while in Europe the sellers dominated the trading. In Chicago, wheat became cheaper by 0.2 percent and soybeans by 1.1 percent, while corn rose by 0.3 percent and canola by 0.5 percent. In Europe, the rates of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red.

Original content

U.S. soybean futures fell more than 1% on Wednesday as traders focused on an expanding harvest of a likely record soybean crop in Brazil and awaited the Federal Reserve's decision on interest rates later in the day. Wheat futures fell a day after climbing to a four-week high, while corn rose after an early decline. Soybean prices fell on expectations of a South American harvest. Brokerage firm StoneX raised its soybean crop forecast in Brazil, the world's largest exporter, to a record high of 154.2 million tons from 153.79 million tons last month. Harvesting is underway and about 5% of the work is complete, the AgRural consultancy said. "The harvest continues to accelerate in Brazil. American soybean suppliers are not so competitive anymore” said Don Roose, president of Iowa-based US Commodities. Roose said expectations of a huge Brazilian crop overshadowed concerns about the size of Argentina's drought-hit crop. Soybean futures in Chicago received early support after a report ...

Source: AgroForum