The People’s Bank of China cut key interest rates on weaker-than-expected data from the world’s second-largest economy, raising concerns about a global recession.
Rainy weather forecasts in the US in the coming weeks could help parched soybean crops, which increases the pressure on the markets. The prices of corn and wheat, meanwhile, followed the drop in soybeans.
How much is soybeans worth in Chicago?
The most active soybean contract on the Chicago Board of Trade fell 3.9% to $543.06, its lowest level in three weeks.
A contraction in the economy of China, the largest buyer of US soybeans, could curb demand for US commodities, said Arlan Suderman, chief commodity economist at StoneX.
Meanwhile, US soybean production would be higher than previously forecast as better-than-expected yields more than offset reduced acreage, the US government said on Friday.
How much is corn priced in Chicago
For its part, the contract Most active CBOT corn fell 2.8% to $245.07 a tonne.
Corn futures are also dragged lower by fears of cutbacks in purchases from China, although recent heat in the US Midwest may have reduced the yield of this developing crop.
How much is wheat trading in Chicago?
Meanwhile, wheat lost 1.2% to US$292.57 per ton. Grain is also under pressure as two more ships carrying grain departed from Ukraine’s Black Sea ports on Saturday, bringing to 16 the total number of ships leaving the country under a UN-brokered deal.
Ukraine’s grain exports are down 46% year-on-year to 2.65 million tonnes so far in the 2022/23 season, the Agriculture Ministry said on Monday.
Source: Ambito
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