2023-11-15 03:25:00
CBOT soybean futures hit 2-1/2-month high on worries regarding Brazilian supply
CBOT soybean futures hit a 2-1/2-month high on Wednesday as soybean prices rose on concerns that bad weather would lead to production cuts in Brazil, the top soybean producer. In the past five weeks, soybean prices have risen by more than 10%. Corn and wheat futures were slightly lower. As of 11:20 Beijing time, CBOT soybeans fell 0.07, having earlier hit their highest level since August 30, CBOT corn fell 0.42%, and CBOT wheat was unchanged. Drought in northern and central Brazil and excess rains in the south threaten soybean and corn production in the world’s largest soybean exporter. Consulting firm AgRural on Monday lowered its forecast for Brazil’s 2023/24 soybean production by 1.1 million tons to 163.5 million tons, adding that further reductions are likely before the end of the month.
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