Chicago Close: Soybeans Stronger to Begin Week

Dec 20, 2023

Soybean futures were stronger to start the week, while both corn and wheat finished with losses on the day.

Soybeans climbed on news Argentina’s new government planned to raise export taxes on soybean oil and soybean meal, a move that could lessen competition for US supplies. Soybeans were further underpinned by gains in crude oil after BP said it was suspending shipments via the Red Sea following more attacks on ships by Iran-aligned Houthi militants. On the other hand, rain is expected in Brazil later this week. January beans were up 11 ¼ cents at $13.27, and November added 7 ¾ cents at $12.84.

Corn was pressured by technical selling, with March corn down 6 cents to $4.77, and new-crop December down 3 ¾ cents at $5.08 ½.

Wheat fell as abundant Russian supplies continued to overhang the international market. March Chicago wheat fell 12 ¼ cents to $6.17, March Kansas City lost 15 cents to $6.27 ¾, and March Minneapolis dropped 9 ¼ cents to $7.21 ½.

Source : Syngenta.ca

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