Soybeans rise for third session on strong demand, wheat falls
On October 23, 2024, Chicago soybean prices increased by 0.2% to $9.93-1/4 per bushel, supported by strong global demand, particularly from China, despite the rapid U.S. harvest. Wheat prices fell 0.2% to $5.74-3/4 per bushel, while corn firmed slightly, adding 0.1% to $4.16-3/4 per bushel. High U.S. soybean export premiums reflect the rush to ship a record harvest before potential trade tensions. Meanwhile, Russia’s wheat harvest is projected to remain stable at around 80 million-85 million metric tons.
SINGAPORE, Oct 23 (Reuters) -Chicago soybeans gained more ground on Wednesday, with prices supported by heightened global demand for the oilseed led by top importer China, although rapidly advancing U.S. harvest curbed gains.
Wheat edged lower, giving up some of last session’s gains, while corn firmed.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade Sv1 rose 0.2% to $9.93-1/4 a bushel, as of 0010 GMT. Wheat Wv1 fell 0.2% to $5.74-3/4 a bushel and corn Cv1 added 0.1% to $4.16-3/4 a bushel.
* Strong demand for U.S. soybeans and corn is supporting prices as farmers gather one of the biggest crops in history.
* U.S. corn and soybean sales on Monday and an additional corn sale early on Tuesday suggested buying interest after corn and soybean futures hit multi-week lows last week.
* U.S. soybean export premiums are at their highest in 14 months, as grain merchants race to ship out a record-large U.S. harvest ahead of the U.S. presidential election and fears of renewed trade tensions with top importer China.
* For wheat, showers in parts of southern Russia and the U.S. Plains were expected to help planting and ease concerns over dryness.
* Next year’s wheat harvest in Russia, the world’s top exporter of the grain, is seen at around this year’s level, according to the first early estimates released by the country’s leading agriculture consultancies on Tuesday.
* The IKAR consultancy sees 2025 wheat harvest at 80 million-85 million metric tons, while Sovecon predicts 80.1 million metric tons. The official estimate for this year’s wheat harvest stands at 83 million metric tons.
* Soft wheat exports from the European Union since the start of the 2024/25 season in July had reached 7.02 million metric tons by Oct. 20, down 31% compared with 10.22 million a year earlier, data published by the European Commission showed on Tuesday.
* Commodity funds were net buyers of CBOT corn, soybean, soyoil and wheat futures contracts on Tuesday, traders said. Funds were net sellers of soymeal futures contracts. COMFUND/CBT
MARKET NEWS
* Global stocks dropped for the second straight session while U.S. yields rose on Tuesday amid market uncertainty ahead of the U.S. election as well as the outlook on interest rate cuts. MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY Sept
1400 EU Consumer Confid. Flash Oct
1400 US Existing Home Sales Sept
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