World markets for grains and oilseeds

Published Dec 2, 2024

Tridge summary

The U.S. Department of Agriculture reported a 6.5% decrease in the index of prices received by farmers for their produce in October, compared to September, and a 1.1% decrease from the previous year. Soybean futures on the Chicago Mercantile Exchange saw a slight increase due to technical trading and a surge in export demand, despite pressure from expected large crops in Brazil and Argentina. Dollar weakness has boosted the competitiveness of U.S. exports. Wheat futures ended lower in choppy trading, with prices under pressure from Russia and Argentina selling their crops at discounted global prices. Russia plans to cut its 2025 export quota and raise wheat export duties to curb inflation, which also supported futures. The USDA reported weekly U.S. wheat export sales in line with expectations.

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

Original content

The index of prices U.S. farmers received for their produce in October was down 6.5% from September and down 1.1% from a year earlier, the U.S. Department of Agriculture said Friday. Market analysts said soybean futures on the Chicago Mercantile Exchange rose slightly Friday amid technical trading and a surge in export demand. Soybean prices remain under pressure as rains in Brazil and Argentina continue to fuel what is expected to be a bumper crop, analysts said. January soybean futures on the CBOT rose 3/4 of a cent to $9.89-1/2 a bushel. Spot rates for soybeans shipped by barge to the U.S. Gulf Coast fell Friday, although traders continued to talk about Chinese demand in the market. CBOT December soybean meal futures settled down $3.40 at $287.10 a short ton, while the most-active January soybean meal contract settled down $3.50 at $291.90 a short ton. CBOT December soybean oil futures rose 86 cents to 41.61 cents a pound, while the most-active January soybean oil contract rose ...

Source: Oilworld