Monday, September 25, 2023

Soybeans are declining in the US despite exports

Soybean prices in Chicago fell for a second straight day on Wednesday despite recent export activity, and analysts expect traders to rebalance positions for the month-end.

Wheat rose, supported by global demand and concerns about the Canadian crop.

* Corn was little changed as traders waited for the harvest to assess yields.

* The most active soybean contract on the Chicago Stock Exchange (CBOT) fell 9 cents to $13,835 a bushel by 1653 GMT.

* CBOT wheat was up 6.5 cents at $6.07 a bushel, while corn fell 3 cents at $4.8375 a bushel.

Recent export activity had pushed soybean futures to a one-month high on Monday as US inventories shrank, although global inventories remain plentiful.

The US Department of Agriculture confirmed private sales of 266,000 tons of new US soybeans to undisclosed destinations.

Soybeans are trading relative to corn at their highest levels since late 2016, which could lead to an oversupply of US soybeans and weigh on prices in the coming years.

* Corn declined as weak demand was further dampened by low Mississippi water levels, which could slow grain movement into the Gulf of Mexico.

Wheat rebounded after falling to a two-week low as the US crop became more affordable relative to major global suppliers. However, the rich supply of large exporters such as Russia and the European Union continues to be more competitive.

World Nation News Desk
World Nation News Desk
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