Chicago soybean futures plummeted this Tuesday, October 3 to almost its lowest levels since December 2021, Due to the improving signs for US crop since he rapid start of planting in Brazil generated pressure on the supply.
For its part, Corn prices fell on strong harvest data, while wheat rose as it continued to recover from Friday’s plunge to a three-year low. after opportunity purchases in China.
The soy of the Chicago Stock Exchange (CBOT) fell almost 1.1%, $464.06 per ton.
The drop in soybeans occurred after the publication on Monday of data from the US Government that classified 52% of the harvest as “good” or “excellent”, exceeding analysts’ expectations of 50%. Figures from the United States Department of Agriculture (USDA) showed the corn crop grade remained unchanged at 53% “good” or “excellent.”
Corn fell just over 0.7% to $191.14. The StoneX brokerage raised its corn and soybean harvest estimates in the United States for 2023. In Brazil, which competes with the United States in export markets, the 2023/24 soybean planting reached 5.2% of the planned area. last week, the fastest pace in history for the period, an agribusiness consulting firm said.
Meanwhile, the futures of Wheat in Chicago rose 0.7% to $208.98, extending Monday’s gains on bargain hunting after prices fell more than 6% to three-year lows on Friday.
“The Chicago (wheat) market is very cheap right now,” Darin Fessler, senior vice president and market strategist at Lakefront Futures in Lincoln, Nebraska, in response to a USDA report Tuesday on the sale of 220,000 metric tons of soft red winter wheat from the United States to China.
It was the first time that China bought this type of wheat from the United States since July 2021.
Source: Ambito
