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Chicago soybean futures decline following a short-lived rally prompted by covering of short positions.
Anticipated ample supplies from South America exert downward pressure.
Chicago soybean prices dipped after reaching their highest point in nearly three weeks on Monday, as the anticipation of plentiful supplies from South America constrained further price increases. Meanwhile, corn experienced its first decline in four sessions, and wheat retreated from the significant gains observed in the previous session.
The most-active soybean contract on the Chicago Board of Trade (CBOT) declined by 0.3% to $11.80-1/4 a bushel as of 0255 GMT. Earlier in the session, the contract rose to its highest level since Feb. 20 at $11.89 a bushel.Corn experienced a 0.9% drop to $4.36 a bushel, while wheat fell by 0.4% to $5.35-3/4 a bushel.
On Friday, the USDA adjusted down its prediction for Brazil’s soybean harvest slightly. However, its outlook remained above the estimates of many private analysts. The USDA projected Brazil’s harvest at 155 million metric tons, compared to its February estimate of 156 million and analysts’ expectations of 152.28 million.
The U.S. Department of Agriculture (USDA) noted that harvest results in the state of Parana and adverse weather conditions in São Paulo were balanced out by favorable conditions in other regions.
In its monthly report, the USDA lowered its forecast for 2023/24 U.S. wheat exports to 710 million bushels, down from the previous estimate of 725 million bushels.Global grain supplies and intense competition for export markets led to a decline in corn and soybean prices to multi-year lows at the end of last month.
According to regulatory data released on Friday, large speculators increased their net short position in CBOT corn futures for the week ended March 5.
Additionally, the Commodity Futures Trading Commission’s weekly commitments of traders report indicated that non-commercial traders, including hedge funds, augmented their net short position in CBOT wheat and expanded their net short position in soybeans.
Money managers increased their net short position in CBOT soybean futures and options to a record 171,999 contracts from 160,653 contracts the previous week. This surpassed the previous all-time net short position of 168,835 contracts set in May 2019.
It seems like the decrease in the United Nations food agency’s world price index for February was primarily driven by lower prices for major cereals, despite the rise in sugar and meat prices.
Additionally, Argentina’s scheduled corn exports reaching their highest levels in at least five years, reaching 1.9 million metric tons, was attributed to leftover stocks from the previous season according to the Rosario grains exchange.
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