Published: Thu, October 03, 2019
Money | By Brett Sutton

Soybeans exceed two-month high on China buying, US inventory shock

Soybeans exceed two-month high on China buying, US inventory shock

Corn stocks were at 2.114 billion bushels, the USDA said, below projections for 2.428 billion and down 1 per cent from a year ago.

US corn, soybean and wheat futures fell on Wednesday on a round of technical selling after posting sharp gains earlier this week, traders said.

Within the overseas markets, the crude oil market is $1.38 per barrel decrease, the US greenback is more significant, and the Dow Jones Industrials are 156 factors greater. Growers have struggled due to low prices, the U.S.

USDA positioned wheat shares at 2.38 billion bushels vs. the average commerce estimate at 2.318 billion.

The most active corn contract for December delivery was up 0.75 cent, or 0.2 percent week on week, to close at 3.715 dollars per bushel on Friday. With large shares anticipated in the present day's USDA crop report, lastly a bullish crop report.

The United States still has ample supplies in storage, traders said.

Most actively traded soybean futures ended up 2.4% at $9.06 a bushel at the Chicago Board of Trade.

But private exporters on Wednesday reported to the USDA export sales of 581,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.

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CBOT agricultural futures traded mixed on Thursday, with soybean futures falling slightly despite traders are awaiting more Chinese purchases of USA soybeans.

Chinese firms have recently inquired with US suppliers and purchased USA agricultural products, a spokesperson of Chinese Ministry of Commerce (MOC) said on Thursday.

China, the world's largest soybean importer, has slashed USA imports during the trade dispute.

Corn futures went down on disappointing weekly export data.

Farmers welcomed the rallies after crop prices plunged last month when the federal agency estimated that this autumn's harvests would be larger than many projected.

The USDA estimated US soybean supplies as of September 1 at 913 million bushels, below the average estimate for 982 million.

Here's a closer look at spring wheat, corn and soybeans, the region's three major crops.

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