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Soybeans take hold in Chicago on US exports and bran strength

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The most active January soybean contract on the Chicago Board of Trade rose 17.25 cents to $14.55 a bushel (Image: REUTERS/Jorge Adorno/File Photo)

THE Soy Chicago traded higher on Tuesday, supported by new export sales and higher contracts in soybean meal, as weather concerns threaten the soybean crop. Argentinatraders said.

Wheat ended the session lower, falling to new 13-month lows on strong global supplies. Corn followed the fall of the wheatdespite the support of the soybean complex.

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The most active January soybean contract on the Chicago Board of Trade rose 17.25 cents to $14.55 a bushel.

O corn ended down 3.25 cents to $6.3725 a bushel, while wheat fell 10 cents to close at $7.29 a bushel after retreating to $7.2350, the lowest for a more active contract. since October 15, 2021.

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The US Department of Agriculture announced that US exporters sold 264,000 tons of soybeans to the Chinaas well as 240,000 tonnes to unknown destinations, both during the 2022/23 marketing year.

Strength in the soybean meal market provided additional support. New highs were reached in the soybean meal contract, as Argentina, the largest exporter of the product, faces drought conditions that are harming soy planting.

“Argentina is a crusher,” said Tom Fritz, a commodities broker at Grupo EFG. “At the moment, they are postponing the planting. I think this is helping the bran market.”

Source: Moneytimes

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