World grain market on October 2, 2024: Soybean and soybean meal prices fall

Published 2024년 10월 3일

Tridge summary

Soybean, corn, and wheat futures are experiencing various movements in the market. Soybean futures are facing downward pressure due to concerns about heavy rain in Brazil, potential delays in the European Commission's anti-deforestation policy, and increased demand for U.S. soymeal. Meanwhile, corn futures are rising due to factors such as wheat futures, surging oil prices, and demand from South America. Wheat futures are also on the rise, reaching a 3-1/2-month high, despite concerns about drought in key production regions and large export volumes. Additionally, canola futures are seeing a slight increase due to increased overseas demand, and oil prices are rising amid concerns over Middle East conflict.

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

Original content

CBOT November 2024 soybean futures fell 1-1/4 cents to $10.56 a bushel. The most-traded December 2024 soybean meal ended down $7.10 at $340.40 a tonne, while October 2024 soybean meal ended down $8.60 at $341.40 a tonne. CBOT December 2024 soybean oil futures rose 0.73 cents to 43.64 cents a pound. The European Commission said on Oct. 2 that it would propose delaying the anti-deforestation policy by one year, following calls from industry and countries. Market analysts said the recent regulations have boosted demand for U.S. soymeal relative to supplies from South America. Some forecasts of heavy rain next week in northern Brazil, where dry weather has affected planting, weighed on soybean futures on the day. Brokerage firm StoneX raised its 2024 U.S. production forecast to 53.5 bushels per acre on Oct. 1, up from its previous estimate of 53 bushels per acre. Chicago Board of Trade wheat futures continued to rise on Oct. 2, setting a new 3-1/2-month high. CBOT soft red winter ...

Source: Vinanet