Ebene News – CA – Soybeans expected to experience first monthly decline since mid-2020 thanks to better planting prospects in the United States

SINGAPORE: Chicago soybean futures edged higher on Wednesday, but the market was on the verge of its first monthly decline since mid-2020 on higher expectations US Planting United and improved weather conditions in South America

Corn was set to fall monthly for the first time in eight months, while wheat fell nearly 9% this month after closing slightly lower in February

“The USDA (US Department of Agriculture) Planting Outlook Report tonight may be a factor for the fall,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia

The Chicago Board of Trade’s (CBOT) ‘s most active soybean futures rose 02% to $ 13.70 a bushel at 0309 GMT Soybeans were down 24% so far in the month, after have won for nine consecutive months

Corn was on track for a monthly drop after a rally since August and wheat was on the verge of its biggest monthly drop since February 2019

Farm markets brace for Wednesday’s USDA planting intentions and quarterly grain inventory reports, which have a history of shaking the markets

On average, analysts expect the USDA to forecast increased plantings of corn and soybeans in the United States in 2021 compared to last year, while stocks of corn, soybeans and of March 1 wheat were considered the lowest in several years

China’s most active corn futures on the Dalian commodity exchange fell more than 15% at the start of trade before recovering

This week’s drop came as farmers sold off their stocks before a new crop was planted, and food and processing companies had sufficient supplies, analyst Meng Jinhui said. at Shengda Futures

Soybean crushing in the United States likely fell to 4,952 million short tons in February, or 1,651 million bushels, according to the average forecast of nine analysts polled by Reuters ahead of a monthly USDA report

Estimates ranged from 1,640 million bushels to 1,700 million bushels, with a median of 1,644 million bushels

Commodities funds were net sellers of CBOT corn, soybean oil, soybean and wheat futures on Tuesday and were net even in soybean futures, traders said

Soybean, Grain, USDA Rural Development, United States Department of Agriculture, Wheat

Ebene News – CA – Soybeans should experience first monthly decline since mid-2020 thanks to better prospects for planting in the United States

Source: https://www.brecorder.com/news/40079715