2023-09-07 20:33:47
U.S. soybean prices fell on Thursday as grain traders wait for farmers to harvest their fields and for the government to release updated crop estimates next week.
The most active soybean futures ended down 16-3/4 cents at $13.59-1/2 a bushel at the Chicago Board of Trade. CBOT wheat futures fell 9-1/4 cents to $5.99-3/4 a bushel, while corn edged up 1/2 cent to $4.86-1/4 a bushel. bushel.
The U.S. Department of Agriculture is set to release monthly crop data on Sept. 12, giving traders the latest production outlook following recent heat and drought reduced state assessments of corn and soybeans. -United.
Analysts on average expect the USDA to cut U.S. production and yield estimates for both crops from August in the World Agricultural Supply and Demand Estimates (WASDE) report.
Farmers began harvesting corn earlier than usual in parts of the western US Midwest following hot, dry weather. Early termination of harvest can threaten grain quality or yields.
“The harvest is coming quickly, which should be a warning,” said Jim Gerlach, president of A/C Trading. “When your crop dies instead of drying out, you lose yield.
“I think you’re rushing and waiting, in consolidation mode,” Gerlach said. “I don’t think you’re going to move one way or the other, at least until we get the September harvest report or we move forward with the harvest.
Chinese demand for Brazilian soybeans is a negative factor for the US market, brokerage firm CHS Hedging said. Brazil and the United States compete for export sales to global buyers, and China is the world’s largest importer of soybeans.
“China bought a significant amount of Brazilian October/November seeds this week,” CHS Hedging said. “Does she still have a lot of reserves to buy American fall seeds?
Separately, Russia carried out a new drone attack on Ukrainian port facilities on the Danube, damaging grain silos on a vital export route for Kiev, according to Ukraine. Both countries are major exporters of agricultural products. (Reporting by Tom Polansek in Chicago; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; writing by Rashmi Aich, Emelia Sithole-Matarise, Paul Simao and Cynthia Osterman)
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