CANBERRA – Chicago soybean futures regained some ground on Thursday but remained near their lowest levels since December 2021 amid lacklustre demand for US exports and an improved supply outlook from South America.
Corn futures rose but were close to their lowest since December 2020. Wheat also gained.
The most active soybean contract on the Chicago Board of Trade (CBOT) was up 0.9 percent at $12.47-1/4 a bushel after slipping to $12.34 on Tuesday.
However, prices were still down nearly 4 percent so far this month.
Recent rains mean Brazil’s harvest will be better than what many had feared and Argentina’s will also be sizeable, said Rabobank analyst Vitor Pistoia, adding that the wider oilseed market was well supplied.
The price outlook for soybeans was “neutral or bearish”, Pistoia said.
With harvesting now underway, crop agency Conab projected a 155.3 million metric ton 2023/24 crop, around 5 million tons less than it previously forecast but still a record high.
