World markets for grains and oilseeds

Published 2024년 12월 19일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange have reached a four-year low due to the prospect of a record crop in Brazil and proposed changes in U.S. biofuels policy, causing a drop in soybean oil prices. The decline in soybean prices is also attributed to expectations of a large harvest in South America. In contrast, wheat futures on the Chicago Mercantile Exchange remained steady, despite lower Russian wheat production estimates, due to larger crops in Australia and Argentina. The exact size and purchase prices of a durum wheat purchase by Algeria's state grain agency remain unclear.

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

Original content

Soybean futures on the Chicago Mercantile Exchange hit a four-year low on Wednesday, weighed down by prospects for a record crop in Brazil and lower soybean oil prices caused by a proposed change in U.S. biofuels policy. Soybean prices fell, dragged down by a sharp drop in soybean oil prices after news broke Tuesday that the U.S. government’s stopgap funding bill did not include support for biodiesel among other farm-related measures and spending. Expectations of a big harvest in South America after a period of consistent rains also weighed on prices, analysts said. The U.S. Department of Agriculture confirmed private sales of 120,000 tons of soybean meal to Colombia for shipment in the 2024/25 marketing year. Soybeans and soybean meal contracts each hit their lowest levels ever. January soybeans on the CBOT settled down 25 cents at $9.51-3/4 a bushel. All soybean contracts fell to all-time lows. January soybean meal futures on the CBOT settled down $7.70 at $279.50 a short ton. ...

Source: Oilworld