Chicago soybean futures rallied on Monday, recovering from nearly four-year lows as traders waited to see if a major field tour this week will support expectations of bumper U.S. yields.
Chicago Board of Trade soybeans and corn futures turned lower on Friday, with both also notching a third weekly loss, as farmers kept clearing out their grain bins ahead of a U.S. harvest that is forecast to see massive yields, traders said.
Chicago Mercantile Exchange (CME) live and feeder cattle futures eased on Thursday, as generally quiet cash market and a strengthening U.S. dollar left cattle futures in a range-bound trade, traders said.
Chicago Board of Trade wheat futures ended lower on Thursday as cheap Black Sea exports kept weighing on the market, which had risen overnight on a rally sparked by a Russian attack on Ukrainian port infrastructure.
With rain forecast for most of the United States Corn Belt, the prospects for larger than expected soybean and corn crops is pretty much certain, according to broker Scott Capinegro of AgMarket Inc. in Chicago.
The ICE Futures canola market fell sharply lower during the week ended Aug. 14, hitting its lowest levels since 2020 as rising soybean production estimates out of the United States weighed on values.
Chicago soybean futures lost more ground on Tuesday, setting another four-year low a day after U.S. Department of Agriculture data reinforced the prospect of a bumper U.S. harvest.
The harvesting of fall cereals was well underway in Manitoba, according to the province’s latest crop report released on Aug. 13. Manitoba Agriculture said 39 per cent of the fall rye and 17 per cent of the winter wheat had been combined.
Chicago | Reuters – Chicago soybeans took a nosedive on Monday to their lowest level since September 2020 as the U.S. Department of Agriculture released data showing a record production forecast for the crop. Meanwhile, corn rose as the government agency saw smaller than expected acreage, and wheat fell on competition from Black Sea crops. The Chicago […] Read more