USA: CBOT soybeans fall to four-year low due to weak demand and excess supply

Soybean futures have hit a low since November 2020 for three consecutive sessions due to weak demand, low crushing margins, and a global supply glut. The USDA reported that the U.S. soybean crop is in good or excellent condition, which is putting downward pressure on futures. August soybeans hit a contract-life low, falling 17.3/4 cents to settle at $11.31.1/4 a bushel. Wheat futures rose slightly due to concerns about wheat yields in Europe and potential delays in the U.S. wheat harvest from Hurricane Beryl. Corn futures rose slightly in a technical move after nearing a four-year low, with the remnants of Hurricane Beryl expected to bring rain to the eastern Corn Belt.

The most active soybean futures fell on Tuesday, hitting their lowest level since November 2020 for a third straight session, weighed down by weak demand, low crushing margins and a global supply glut. Rainfall from Hurricane Beryl is expected to provide beneficial moisture to the US Midwest. Strong US soybean crop ratings continue to put downward pressure on soybean futures. The USDA rated 68% of the U.S. soybean crop condition as good or excellent, the highest for this time of year since 2020. The agency reported that 67% of the U.S. soybean crop was in good or excellent condition in the previous week. Traders are also paying attention to the USDA's monthly supply and demand forecasts, due Friday. August soybeans hit a contract-life low, falling 17.3/4 cents to settle at $11.31.1/4 a bushel. The most active November soybean futures fell 19.5 cents to $10.80 a bushel, ending the day below the psychological level of $11 a bushel. In CBOT trading, August soybean meal futures closed ...