World markets for grains and oilseeds

Published Nov 25, 2024

Tridge summary

Soybean futures on the Chicago Mercantile Exchange rose on Friday, rebounding from new lows the previous day, driven by technical factors, favorable weather in South America, and a trade deal between Brazil and China. Arguments report shows that Argentina's 2024-25 soybean plantings have increased. However, soybean traders increased their net short position, while commercial traders reduced theirs. In contrast, wheat futures fell due to profit-taking and a stronger dollar. The U.S. dollar index reached a two-year high, impacting the market. Wheat and produce shipments for the marketing year saw a 32% year-over-year increase, but still fall behind the average pace. The French soft wheat crop is largely planted in good or excellent condition, at 90%, up from the previous week.

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

Original content

Soybean futures on the Chicago Mercantile Exchange rose on Friday in a technical leap after the contract hit new lows on Thursday amid favorable weather in South America and a trade deal between Brazil and China, analysts said. Argentina's 2024-25 soybean plantings rose 16 percentage points in the past week to 35.8% of the 18.6 million hectares (46 million acres) forecast for the season, according to the Buenos Aires Grains Exchange. The U.S. Department of Agriculture said Friday that exporters sold 198,000 mt of soybeans to undisclosed destinations for delivery in the 2024-25 season. In CBOT trading, January soybeans rose 5¾ to $9.83.5 a bushel. December CBOT soybean oil futures settled down 41 cents at 41.77 cents a pound. December CBOT soybean meal futures ended down $1.50 at $289.20 a short ton. January soybeans are up about 1.5% for the week. The CFTC Commitment of Traders report showed soybean traders added 13,165 contracts to their net short position as of Tuesday, to a ...

Source: Oilworld