News

The US canola crop exceeds expectations

Canola Seed & Rapeseed
United States
Market & Price Trends
Wheat
Published Oct 19, 2023

Tridge summary

Crop prices closed mixed in America, with wheat and corn prices decreasing, while soybeans and canola prices rose. In Europe, all four priority agricultural products closed in the red. Factors such as U.S. domestic demand for soybeans, progress in the U.S. harvest, the Israel-Hamas conflict, and the Brazilian currency's strength are influencing the market. In Europe, mill wheat, corn, rapeseed, and fodder wheat prices all experienced drops.
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

Chicago soybean futures rose for a second straight day on Tuesday amid signs of technical-based trading, as strong U.S. domestic demand eased concerns about rising inventories. Corn fell as traders looked at progress in the US harvest, investors monitored Israel's war with the Palestinian militant group Hamas and awaited a speech by Federal Reserve Chairman Jerome Powell on Thursday. Meanwhile, the wheat rate eased further amid renewed pressure from large Black Sea stocks. U.S. monthly soybean processing hit an all-time high in September, with month-end soybean oil inventories at their lowest level in nearly nine years, industry data released Monday showed. “This nine-year low has pumped this market up a little bit,” said Karl Setzer, partner at Consus Ag Consulting. Still, soybean futures on Tuesday were pressured by US Department of Agriculture (USDA) crop data released after Monday's close. American farmers harvested nearly two-thirds of their soybean crop by Sunday, the amount ...
Source: AgroForum
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