Warmer weather is coming: the price of soybeans has fallen in the US

Published Mar 2, 2024

Tridge summary

Grain markets in the US and Europe are experiencing varied price changes due to increasing supplies and a strong planting season. In the US, wheat, corn, and canola prices have risen, while soybeans have seen a decrease. Conversely, Europe has seen a rise in corn prices, but a fall in mill wheat, rapeseed, and fodder wheat prices. Russian wheat exports are anticipated to surpass the 2021 record high, adding further pressure on global wheat prices. Additionally, US soybean export sales have not met analyst expectations.
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

In America, the prices on the produce markets increased, but in Europe, the sellers gained the upper hand. In Chicago, wheat went up by 0.3 percent, corn by 0.5 percent, and canola by 0.1 percent, compared to the previous day. The price of soybeans decreased by 0.5 percent. In Europe, the price of mill wheat, rapeseed and fodder wheat also closed in the red, while corn rose in price. Grain markets are under pressure due to increasingly available supplies, and signs of a strong planting season are also felt in futures contracts. “The weather is cold over the US today, but the next two weeks are expected to be warmer and wetter and traders are already talking about spring plantings,” said Marex's Charlie Sernatinger. The course of corn and soybeans lifted, fluctuating between higher and lower price levels during the day. Market fundamentals haven't had a significant effect on prices like the closing of short positions, said Jack Scoville, an analyst at Price Futures Group. ...
Source: AgroForum
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