The price of the soybeans on the Chicago Stock Exchange (CBOT) fell again this Thursday to a new three-year lowpressed by the improvement of the weather in South America, the tepid US export sales and higher-than-expected contract deliveriesaccording to operators.
Four of the CBOT soybean contracts, including the May one, made new lows in the session, before prices rose.
Corn futures, however, rose, rebounding from last week’s three-year low. The futures of wheat had different prices due to weakness in corn and soybeans, as well as tough competition for global exports, according to traders.
“The bottom line is that global commodity production is outstripping consumption and until this changes, markets will be under pressure,” said Karl Setzer, partner at Consus Ag Consulting.
Short covering by speculative investors helped grain markets rebound from lows last weekbut abundant supply in America and the Black Sea region has held back prices.
Meanwhile, broader economic data continues to give mixed signals to commodity investors, who spent part of the session digesting underlying personal consumption expenditure (PCE) and US consumer spending price figures.
How much is soybean trading this Thursday, February 29?
The most active soybean contract on the (CBOT) fell 0.6% to $414.19. It previously hit its lowest level since November 2020, below a three-year low hit on Monday.
Industry association Abiove cut its estimate for Brazil’s 2024 soybean production for the second time this month to 153.8 million tonnes. metrics due to adverse weather. However, Brazilian production would still be close to last year’s record harvest of some 159 million tons, and Argentina, which begins harvesting in April, expects a near-record harvest.
How much are corn and wheat trading this Thursday, February 29?
He CBOT corn rose 0.2% to $163.09Meanwhile he CBOT wheat increased 1% to $212.01.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
