Soybeans rebounded from 2023 lows due to improved US crop projections

Soybeans rebounded from 2023 lows due to improved US crop projections

The price of soybeans frame this monday may 15 an increase in the Chicago market of 1.8% and reached US$517.40 a ton from the lows of 2023, driven mostly by USDA reports released on Friday and technical adjustments from investors. Besides, During this day, both corn and wheat closed with profits.

Reports released by USDA on Friday projected a record soybean crop and a technical adjustment of investors’ positions, which pushed the oilseed higher. Meanwhile, the position of this commodity for August it advanced 1.7% and closed at u$s488.06 a ton.

The firmness that the market gained due to some delays that they registered in the last days in planting due to the rains that fell in regions of the Great Plains and the Midwest. In southern Minnesota, for example, some areas with flooding are reported,” said the analysts of the brokerage Seed.

While, Bean oil also added an increase of 3.1% and advanced to US$1,095.46 a tonwhile flour fell 2.1% to end the day at US$474.98 a ton. The cornfor his part, rose 2.9% and settled at US$233.26 a tonproduct of the technical purchases of funds and delays in sowing.

“A good report on shipment inspection and some delays in planting tasks over the Midwest contributed to the rebound as a result of the wet weather in recent days, as indicated in the soybean space,” they explained from Granar.

Finally, the price of wheat advanced 4.7% and settled at US$242.79 the ton, in continuity with the day on Friday “after the USDA projected 2023/2024 US wheat production at 45.16 million tons, up from 44.90 million 2022/2023, but below the 48.69 million forecast by traders “indicated from Granar.

Source: Ambito

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