Chicago soybean futures slide on higher global stocks forecast
NEW DELHI — Chicago soybean futures
lost more ground on Monday, weighed down by a U.S. forecast of
higher global ending inventories, even as robust export demand
and concerns over weather in South America lent support.
* The most-active soybean contract on the Chicago Board of Trade
(CBOT) slid 0.8% to $14.71-1/4 a bushel, as of 0202 GMT,
wheat climbed 0.8% to $7.40-1/2 a bushel, and corn
was almost unchanged at $6.45-1/2 a bushel.
* The U.S. Department of Agriculture (USDA) increased its
estimate of global soybean ending stocks.
* Soybeans slid despite support from higher export demand and
dry weather conditions in top producer Argentina. But recent
rains could help the early South American crop.
* Growers in Argentina are unwilling to sell old crops as they
try to gauge the outcome of the new season harvest, impeding
soybean exports from Argentina.
* Argentina’s estimated area for 2022/23 soybeans could be cut
due to the effects of prolonged drought in the region, according
to the Buenos Aires Grains Exchange.
* Belarus told the United Nations on Friday that it would
accept, without preconditions, the transit of Ukrainian grains
through its territory for export from Lithuanian ports.
* The Ukrainian port of Odesa was not operating on Sunday after
the latest Russian attack on the region’s energy system,
Agriculture Minister Mykola Solsky said, but added that grains
traders were not expected to suspend exports.
* Turkish President Tayyip Erdogan discussed the Black Sea grain
export agreement on Sunday with the leaders of Russia and
Ukraine, as both sides seek changes that would boost their
* Ukrainian President Volodymyr Zelenskiy held talks with U.S.
President Joe Biden and with the leaders of Turkey and France on
Sunday, an increase in diplomatic activity around the war
started by Russia that is dragging into a 10th month.
* Commodity funds were net buyers of Chicago Board of Trade corn
and soymeal futures contracts on Friday and net sellers of
wheat, soyoil and soybean futures, traders said.
* Asian shares dipped while the dollar drifted higher at the
start of a hectic week, as markets awaited a flurry of rate
decisions from the U.S. Federal Reserve, the European Central
Bank and others.
(Reporting by Mayank Bhardwaj; Editing by Subhranshu Sahu)
Comments are closed.