Home Commodities Commodities : Soybeans flirt with two-year low as supply pressure builds – Today

Commodities : Soybeans flirt with two-year low as supply pressure builds – Today


* Soybeans sink on U.S. harvest data; corn weaker

* Wheat futures continue climb on bargain-buying

Oct 3 (Reuters) –

Chicago soybean futures fell on Tuesday to nearly their
lowest levels since December of 2021, on improving signs for the
U.S. harvest and as a brisk start to planting in Brazil created
supply pressure.

Corn prices dropped on robust harvest data, while wheat
edged up as it continued to recover from Friday’s plunge to a
three-year low after bargain buying from China.

Chicago Board of Trade (CBOT) soybeans were down
almost 1.5% at $12.58-1/4 a bushel by 10:20 a.m. CDT (1520 GMT).
The contract earlier reached its weakest since June 28 at

The drop in soybeans followed the release of U.S.
government data on Monday


52% of the crop “good” or “excellent,” beating analysts’
expectations for 50%. The U.S. Department of Agriculture’s
(USDA) figures showed corn crop ratings were unchanged at 53%
rated “good” or “excellent.”

CBOT corn slid just over 0.8% to $4.84-3/4 a

Brokerage StoneX raised its estimates of U.S. 2023
corn and soybean production.

“As more producers get out there, they’re seeing a
little better than expected on the corn yield,” said Darin
Fessler, a senior vice president and market strategist with
Lakefront Futures in Lincoln, Nebraska.

In Brazil, which competes with the United States in export
markets, 2023/24 soybean planting reached 5.2% of the expected
area last week, the quickest pace ever for the period, an
agribusiness consultancy said.

CBOT wheat futures added 0.5% to $5.69-1/2 a bushel,
extending gains from Monday on bargain-buying after prices fell
more than 6% to a three-year low on Friday.

“The Chicago (wheat) market is dirt-cheap right now,”
said Fessler, responding to a USDA report on Tuesday on the sale
of 220,000 metric tons of U.S. soft red winter

wheat to China


It was the first time China had purchased that
particularly class of wheat from the U.S. since July 2021.
(Reporting by Zachary Goelman in New York City; additional
reporting by Gus Trompiz in Paris and Peter Hobson in Canberra;
Editing by Paul Simao)

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