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With fears of a new trade war, soybean prices continue to fall this Wednesday afternoon in Chicago

Published Nov 6, 2024

Tridge summary

The soybean market at the Chicago Board of Trade experienced a decline on Wednesday afternoon following the results of the American elections, with contracts trading between 3.00 to 6.25 points lower due to fears of a potential trade war with China. Asset managers are also closely monitoring the progress of the U.S. crop, which is expected to set a record for soybean harvest. Additionally, the financial market has seen a significant rise in the value of the dollar against the Brazilian real in early trading, reflecting its international strength.

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

Original content

With the results of the American elections, the soybean market continues to trade with declines on Wednesday afternoon (06) at the Chicago Board of Trade (CBOT). At around 12:23 pm (Brasília time), the maturities were testing declines of 6.25 to 3.00 points. The November/24 contract is trading with a 5.50 point drop and is priced at US$ 9.88 per bushel. The January/25 contract is quoted at US$ 9.98 per bushel and is down 3.00 points. The March/25 contract is trading with a 5.50 point drop and is worth US$ 10.09 per bushel and the May/25 contract is quoted at US$ 10.24 and down 6.25 points. According to Successful Farming, soybean futures are slowing due to fears that the election outcome could lead to a trade war with China. “Looking back at the previous trade war, most observers point to U.S. sales plummeting during that time. However, that had more to do with pent-up demand due to the way African Swine Fever decimated China’s hog herd,” Arlan Suderman, chief commodities ...

Source: NoticiasAgricolas