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USA . Stocks Of Soybean Added Pressure On The Market

USA SOYBEAN : Oil closed higher after falling to a low about two months before the session and falling on Friday when the USDA released quarterly inventories.

“Prices have stabilized a little after Friday’s sharp spike,” Tomm Pfitzenmeier, an analyst at Summit Commodity Brokerage, told that;

The most active CBOT wheat contract closed down 9.1/2 cents to $9.12 a bushel after rising to $9.38-3/4. On Friday, the contract reached $9.45-3/4, the highest price since June 29.

CBOT corn rose 3-1/4 cents to $6.80-3/4 a bushel. Soybeans closed 9.1/4 cents higher at $13.74 a bushel after falling to $13.61-1/4, the lowest price since Aug. 4.

The USDA said on Friday that the 2022 US wheat crop was smaller than previously forecast and lowered its crop estimate below analysts’ expectations to 1.650 billion bushels.

In a separate quarterly inventory report, the USDA said on Friday that US corn stocks came in below analysts’ expectations and soybean stocks topped estimates. Larger-than-expected soybean stocks added pressure to the soybean market, which was already under pressure from competition from South American suppliers.

After the close of trading on Monday, USDA weekly data showed the US corn crop harvested 20% and the soybean harvest 22%. Analysts had expected a 22% harvest in corn and 20% in soybeans.

“An ample U.S. soybean crop, along with an expected and potentially record-breaking South American soybean crop, will make it difficult to sustain soybean growth,” Pfitzenmeier said, oilworld.ru reported citing Reuters.

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