US farmers start selling old soybean crops

Published 2024년 8월 1일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange rose due to increased Middle East tensions, but favorable weather in the US Midwest weighed on the market. August soybeans and November soybean futures both rose slightly. Soybean oil prices rose due to concerns about Middle East tensions supporting biofuel ingredients. However, a lack of weather threats and favorable rainy weather are expected to continue to weigh on soybean prices. Meanwhile, U.S. soybean crushing may have slowed in June, and wheat prices were supported by tensions in the Middle East, a weakening US dollar, and lower wheat production forecasts in Europe. Corn futures declined due to favorable US crop forecasts and farmers selling off large inventories of old-crop corn.

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

Original content

Soybean futures on the Chicago Mercantile Exchange edged higher Wednesday as tensions in the Middle East pushed prices higher, although favorable weather in the US Midwest continued to weigh on the market, traders said. August soybeans rose 1.4 cents to $10.28.5 a bushel. The most active November soybean futures rose 1.4 cents to $10.22.5 a bushel. In August CBOT trading, soybean meal (SMQ24) rose $2.10 to $354.10 per short ton. CBOT August soybean oil futures (BOQ24) rose 0.55 cent to 43.3 cents per pound. Soybean oil rose in price amid concerns about tensions in the Middle East. Tensions in the oil-producing region have pushed crude oil prices up nearly 3% and also supported prices of ingredients used to make biofuels. The lack of weather threats and favorable rainy weather are expected to continue to weigh on soybean prices. Farmers have begun selling off old soybean crops in storage as they lose hope of higher prices and need to make room for the upcoming harvest. U.S. ...

Source: Oilworld