United States Legumes insights

Core Tip: Foreign media reported on June 22: As of the week of June 20, global oilseed prices mostly rose, primarily supported by surging soybean oil and crude oil prices. The market expects that U.S. biofuel policies will help boost domestic crushing demand, although the abundant soybean harvest in South America continues to constrain soybean rebound potential. In the coming week, the market will closely monitor weather conditions and U.S. soybean growth status, as well as soybean planting area data to be released at the end of the month; over the weekend, a potential U.S. attack on Iranian nuclear facilities could trigger a crude oil surge, which would also impact the soybean market.

Soybeans traded on the Chicago Board of Trade (CBOT) closed lower this Friday, reflecting profit-taking in the United States, according to TF Agroeconômica. The July soybean contract, a reference for the Brazilian harvest, dropped -0.63%, or $ -6.75 cents/bushel, closing at $ 1,068.00. The August quotation fell -0.49%, or $ -5.25 cents/bushel, to $ 1,071.50. In the derivatives market, July soybean meal ended down -0.28% ($ -0.8/short ton) at $ 284.1, while soybean oil for the same month declined -0.55% ($ -0.30/pound-weight) to $ 54.47.

According to traders, base rates for soybeans and corn delivered by barges to terminals on the U.S. Gulf Coast remained stable or slightly increased on Friday. Meteorologists forecast extreme heat in some parts of central United States this weekend, although June weather overall has been favorable for crop development. Chicago Board of Trade soybean futures fell on Friday for the first time in five sessions due to profit-taking after reaching a 5.5-week peak, as well as favorable weather supporting crop growth in the Midwest. July soybean futures on CBOT declined by 6-3/4 cents to $10.68 per bushel, falling after reaching the highest level since May 14. The contract decreased 0.2% for the week, marking the first weekly decline in three weeks. New crop soybean futures closed down 7.5 cents to $10.60-3/4. July CBOT soybean oil futures dropped 0.30 cents to 54.47 cents per pound, while July soybean meal futures fell 80 cents to $284.10 per short ton. According to meteorologists, ...