World markets for grains and oilseeds

Published 2024년 12월 17일

Tridge summary

Soybean futures on the Chicago Mercantile Exchange have fallen due to expectations of a large South American crop and lower U.S. soybean crushing rates. U.S. crushing rates in November were lower than expected and maintenance outages at a major plant in Des Moines, Iowa, also contributed to the decrease. Light trading ahead of the holiday season has kept prices stable. Meanwhile, Brazil's 2024/25 soybean planting is nearly complete and conditions are favorable for crop development. Saudi Arabia has purchased a large amount of wheat, which will significantly reduce the amount of grain on the market. Morocco has decided to continue subsidizing milling wheat imports until the end of April 2025, suggesting the country will continue to import wheat as drought impacts domestic supplies.

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

Original content

Soybean futures on the Chicago Mercantile Exchange fell as expectations of a bumper South American crop and lower-than-expected soybean crushing rates weighed on prices. U.S. soybean crushings in November fell from an all-time high reached a month earlier and missed most trade forecasts, according to data released Monday by the National Oilseed Crusher Association (NOPA). NOPA members, which account for about 95% of U.S. soybeans crushed, crushed 193.185 million bushels of the oilseed last month, below the average estimate of 196.713 million bushels in a Reuters poll of 10 analysts. Estimates for November crushings ranged from 191.000 million to 207.000 million bushels, with a median of 195.911 million bushels. U.S. crushing capacity has grown in recent years as refiners have built several new plants and expanded existing ones to meet growing demand for vegetable oil from biofuels makers. Maintenance outages at a major plant in Des Moines, Iowa, last month held back monthly ...

Source: Oilworld