Soybeans sank to 2020 lows: they were one step away from US$400 in Chicago

soybeans fell this Friday February 23 due to supply pressures and weekly US exportswhich fell to their lowest level since May.

The 03/24 Soybean contract fell US$5.42 (1.3%) to US$416.31 per ton and hit the lowest levels of November 2020.

US soybean exports fell short of even a quarter of weekly estimates

In this sense, the United States Department of Agriculture (USDA) warned that the US weekly soybean export sales reached 55,900 tonnes for 2023/24 in week ended February 15compared to analyst estimates of 300,000 to 800,000 tons.

This shows that buyers are heading to South America, where Brazilian soybean export prices have a strong discount compared to those of the United States.

Wheat

In addition to soybeans, in Chicago Market the other quotes of the contracts of the main commodities Americans They also suffered declines, dragged down by data on weak export demand.

Wheat ended the day lower, pressured by weak US export demand and abundant Russian supplies, explained the Rosario Stock Exchange (BCR).

In this sense, the USDA reported that US wheat export sales 2023/24 in the week ended February 15 were 233,500 tonsbelow analyst expectations of 300,000 to 550,000 tons.

For its part, during the day on Friday, Washington imposed broad sanctions against the world’s main cereal exporterRussia.

In this context, the contract Wheat 03/24 fell US$3.58 (1.7%) to US$210.73 per ton.

Corn

For their part, the corn futures They also fell given that the strong US and global supply weighed on the market, the BCR indicated.

The speed at which corn prices have fallen has startled producers and market analysts, who say that Low prices could affect US producers’ spring planting plans.

Also, the USDA reported that weekly U.S. corn export sales were 820,400 tons by 2023/24, near the lower end of analyst estimates, which ranged from 700,000 tonnes to 1.5 Mt.

So, The Corn contract 03/24 was reduced by US$2.46 (1.5%) to US$157.37 per ton.