Soybeans ease from three-month high on added global stocks

נקודות מפתח:
  • Soybeans underpinned by China demand optimism, Argentina drought
  • Wheat, corn steady after lows this week on export concerns
  • Quiet USDA monthly crop report raises U.S. corn stocks

Chicago soybeans eased on Friday after the U.S. Department of Agriculture (USDA) increased its estimate of global ending stocks, though strong exports and South American weather concerns underpin the market.

The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! fell 3-3/4 cents to $14.86-1/2 by 12:01 p.m. (1801 GMT).

The contract earlier reached its highest since Sept. 13 at $14.92-3/4, just above a previous three-month top on Thursday.

CBOT wheat ZW1! fell 12-1/2 cents to $7.33-3/4 a bushel, while corn ZC1! last picked up 1-1/4 cent to $6.43-3/4 a bushel.

Exports from Argentina could be hampered by an unwillingness by growers in the country to sell old crop until they see the condition of the upcoming harvest, said Mike Zuzolo, president of Global Commodity Analytics.

"Argentine farmers are holding back on selling as aggressively," he said. "They're holding old crop until they know their new crop is made."

Gains in soybeans are further limited by sluggishness in the grains complex.

"I think we’re at a price level now where, if soybeans want to take out $15.00, they’re really going to need the wheat and corn with them," said Zuzolo.

"There's nothing in this report that should have come as a surprise to anyone. Fifteen minutes after this report came out, the market was already looking forward to what the January report would say," said Karl Setzer, commodity risk analyst at Agrivisor.

are expected to reach 17.50 million tonnes for the 2022/2023 marketing year, the USDA said, up from 15.5 million tonnes in its November report. Global ending stocks for corn were decreased by 2.36 million tonnes to 298.40 million tonnes.

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