Soybean, dip of corn as a trader observes the AS AS estimation report
Chicago Soybeans and Corn subsided on Wednesday because traders meed the position in front of the report of the US Department of Agriculture’s Global Offering and Request which will be scheduled on Friday.
Analysts estimate the agency to cut the estimated soybeans and corn, although production is still projected to remain large.
In the previous view, the USDA was pegged by corn output in a high harvest record and soybean at the bumper level.
On the Chicago Trade Council (CBOT), the most active soybean contract ZS1! Remote 0.41% to $ 10.27 per bushel in 1030 GMT, with a lack of demand from Top China buyers continue to consider the market.
US farmers lost billions of dollars in soybean sales to China in the middle of their main marketing season, when trading talks that were jammed stopped exports and rivals of South American suppliers stepping down to fill the gaps, traders and analysts said.
In Brazil, the world’s top soybean producer, soybean exports were seen at 7.43 million tons in September, up from 6.75 million metric tons a week earlier, according to the Association of Brazilian Anec’s seed exporters.
Corn ZC1! down 0.48% to $ 4.17-3/4 per bushel, pressed by profitable US harvest weather, with an estimated weather that is largely bright around the US midwest is regulated to speed up the work of the field this week.
Wheat ZW1! down 0.2% at $ 5.19-1/4 per bushel.
In Russia, the largest wheat supplier in the world, export prices continued to decline last week because some farmers increased harvest sales.
Canadian wheat and canada shares fell at the end of July compared to the same date in 2024, due to increased export demand, according to the Canadian statistics survey.
The USDA report on Friday is expected to show a slight decline in the final stock of US wheat, while world wheat stock is expected to increase, according to the Reuters analyst poll.
Source: Reuters
