BEIIJNG- Chicago soybean futures ticked down on Monday as traders monitored the prospects of showers in drought-stricken Brazil, the biggest global supplier, while corn and wheat lost steam after a brief rally last week.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.79 percent at $13.14-1/2 a bushel.
“Rains are forecast to hit dry spots in Brazil over the next week, which are going to determine whether or not Brazil production stabilizes or starts to trend lower again,” Doug Bergman, analyst at RCM Alternatives, noted.
The US Department of Agriculture confirmed private sales of 132,000 metric tons of US soybeans to China, and another 198,000 tons to unknown destinations, all for delivery in the 2023/24 marketing year that began Sept. 1.
Crop watchers have been paring their harvest forecasts for Brazil as the world’s biggest soybean exporting nation faces a drought, but forecast of showers and easing heat helped ease some concerns over tighter yields. – Reuters
