News

USA: Soybeans and corn stuck near 3-year lows due to supply pressure

Wheat
United States
Sustainability & Environmental Impact
Maize (Corn)
Grains, Cereal & Legumes
Market & Price Trends
Published Feb 12, 2024

Tridge summary

Chicago soybean and corn futures fell on Friday, remaining near three-year lows due to expectations of ample global supplies, despite downward revisions to Brazil's crop forecasts. The USDA and Brazil's Conab have lowered their forecasts for Brazilian soybean and corn production due to recent droughts. However, the forecast for rain in Brazil and Argentina has eased concerns about stress on corn and soybean crops. Grain markets are also under pressure from doubts about demand in China due to a weak economy and a weak local livestock sector.
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 and corn futures fell on Friday, holding near three-year lows, as expectations of ample global supplies loomed over the market despite downward revisions to Brazil's crop forecasts. US wheat showed a mixed performance, with strong buying after falling this week due to falling Russian export prices offset by large inventories, as evidenced by higher US stock estimates. Grain markets are digesting a slew of crop data released Thursday, including an update from Brazil's Conab on the country's official production estimates and the U.S. Department of Agriculture's (USDA) monthly U.S. and global supply and demand forecast. Conab and USDA have lowered their forecasts for Brazilian soybean and corn production in light of the recent drought. But USDA forecasts for Brazil remain much higher than Conab's forecasts, while USDA's upward revisions to forecast U.S. corn and soybean inventories kept the focus on large global supplies and strong competition for exports. “The latest ...
Source: Oilworld
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