Wheat fell to three-month lows, while soybeans hit 3-week lows

Wheat fell to three-month lows, while soybeans hit 3-week lows

The futures of wheat of the Chicago Stock Exchange fell on Friday to its lowest price in more than three monthswhile soybean futures fell to its lowest level in two weeks.

The most active wheat fell 0.5% to $219.17. Previously, the contract had hit its lowest price since May 31.

CBOT soybean futures down 0.5% to $491.99, after hitting its lowest level since August 23. Corn fell 0.4% to $184.54 per ton.

“Trading was muted before a monthly report on World Agricultural Supply and Demand Estimates is released in the US on September 12,” analysts said.

“It’s a simple consolidation, basically ahead of next Tuesday’s WASDE report,” said Karl Setzer, head of research at Mid-Co Commodities.

Low demand for US supplies abroad weighed on the market, according to analysts. Traders also assessed ongoing efforts to preserve exports from war-torn Ukraine.

Soybean futures capped by expectations of large supplies from South America and because operators were waiting for a clearer picture of the next US harvest, according to analysts.

The Buenos Aires Grain Exchange predicted Thursday that Argentina’s 2023/2024 soybean harvest will be 50 million metric tons, more than double that of last year.

For its part, China recently bought Brazilian soybeans for delivery in October and November, brokers said, putting pressure on the US market.

Still, the US Department of Agriculture said Friday that exporters sold 121,000 metric tons of soybeans to China.

US soybean export sales for 2023-24 were 1.78 million metric tons in the week ended August 31, within estimates of 1.4 million to 2 million metric tons.

Source: Ambito

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