The most active soybean contract on the Chicago Stock Exchange (CBOT) drops 2% and alarms go off in the BCRA due to the liquidation of agriculture with the drop in commodities.
The oilseed falls strongly and hits four-month lows this Wednesday, November 18, while the corn It also gives way amid the global decline in cereal prices.
The contract of soy more active in Chicago Board of Trade (CBOT) descends 2% to US$351.91 per tontouching its lowest level since October. All soybean contract months marked historic lows.
While, the corn yields 0.3% to US$174.11 the tonas weakness in soybean futures, as well as favorable weather in South America, weighed on prices. He wheat bounces 0.6% to US$201.54 per ton.
“The South American harvest and muted Chinese demand are in the face of the market, and that is what is pushing for new contractual lows,” he said Dan Bassepresident of AgResource.
Record production
In Brazil, the world’s largest soybean producer and exporter, 2024-25 planting is complete, consultancy AgRural said Monday morning. The consulting firm predicted a record production of 171.5 million metric tons.
The data of the National Oilseed Processors Association showed that US soybean crushes declined in November from a record high in October and fell short of most trade estimates, adding more bearish sentiment to the market.
Source: Ambito
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