USA. Soybeans lose 1 cent ahead of three-day weekend

Soybean

United States

Market & Price Trends

Published Mar 29, 2024

Tridge summary

Recent trading saw CBOT wheat prices increase and a slight decrease in soybean prices, influenced by the U.S. Department of Agriculture's reports on lower-than-expected grain inventories and planting estimates. These reports, particularly favorable for corn futures, which experienced their largest one-day gain since July, suggest a shift in U.S. farmers' planting preferences towards more soybeans in 2023 after a record corn crop last year. However, factors such as a strong dollar and high grain supplies from South America and the Black Sea region may cap market gains. U.S. wheat export sales surpassed forecasts, corn sales were also above expectations, while soybean sales fell short of analyst predictions. The market dynamics are also adjusting in anticipation of the Good Friday holiday.

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

CBOT wheat rose 12-3/4 cents to close at $5.60-1/4 a bushel and soybeans lost 1 cent to $11.91-1/2 a bushel. U.S. soybean plantings and quarterly inventories were roughly in line with analysts' estimates, with plantings expected to rise starting in 2023. Farmers are switching acres to soybeans after harvesting a record corn crop last year. Chicago Board of Trade corn futures posted their biggest one-day gain since July after the U.S. Department of Agriculture on Thursday reported grain inventories and planting estimates below trade estimates. The data provided a bullish boost that also supported wheat prices, analysts said. "It shocked the market," said Don Roose, president of US Commodities. “Corn was positive across the board,” Reuters reported. Planned U.S. corn plantings for the 2024 crop totaled 90.036 million acres, below analysts' average estimate of 91.776 million acres, according to the USDA. Quarterly corn inventories totaled 8.347 billion bushels as of March 1, below ...

Source: Oilworld