Soybeans on CBOT and canola on ICE are growing
Tridge summary
Soybean futures on the Chicago Mercantile Exchange closed higher after the USDA reported significant sales of U.S. soybeans to unidentified buyers, rebounding from a nearly four-year low. The USDA also confirmed large private sales of U.S. soybeans and soybean meal to unknown buyers. Wheat futures closed lower due to ample global supplies, despite global export deals. The International Grains Council increased its global wheat harvest forecast for 2024/25. Corn futures closed lower on the Chicago Mercantile Exchange due to favorable weather for the US crop and low export demand for the grain. Canola futures received a boost due to hot weather in Alberta and Saskatchewan, which could reduce yield potential, and rising soybean oil prices in Chicago.
Original content
Chicago Mercantile Exchange soybean futures closed higher Thursday, with the most active contract rising from a nearly four-year low after the U.S. Department of Agriculture reported significant sales of U.S. soybeans to unidentified buyers. CBOT soybeans for August delivery rose 1-1/4 cents to $10.98-1/2 a bushel, and top-active November soybeans rose 2 cents to $10.43 a bushel, rebounding after falling to $10. ,31-3/4, the lowest level on a continuous chart of the most active contracts since October 2020. August CBOT soybean meal futures were down $1.90 at $337.20 a short ton and August soybean oil futures were up 0.24 cents at 46.45 cents a pound. The USDA confirmed private sales of 510,000 tons of U.S. soybeans to undisclosed destinations, the largest daily “flash sale” of U.S. soybeans since November. The USDA also confirmed new sales of 150,000 tons of U.S. soybean meal to unknown buyers. Separately, in its weekly export sales report, the USDA said U.S. export sales of …
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