USA: Soybeans fall to 2020 lows at CBOT

Record low prices for soybean and wheat futures at the Chicago Mercantile Exchange are due to weak demand and predictions of a large U.S. crop, influenced by expected warm, dry weather in the Midwest. Soybean futures have been negatively affected by concerns over export demand, despite confirmed sales to China. The USDA is anticipated to lower its production forecasts, while wheat prices are under pressure from expected high U.S. ending inventories and a growing crop in Russia. Argentinian wheat production might see a boost from anticipated rainfall. Corn futures are also at record lows, driven by concerns over strong global supply and favorable U.S. weather conditions for crop growth. The USDA is expected to increase its estimates for U.S. corn inventories.

Chicago Mercantile Exchange soybean futures fell to their lowest on record Wednesday for August and September as weak demand and prospects for a bumper U.S. crop weighed on the market. Analysts are forecasting warm, dry weather in the U.S. Midwest for the coming week, which will be favorable for the U.S. soybean crop during the crucial pollination phase. Soybean futures continued to fall for several days as traders remained concerned about weak demand for US exports, although the USDA confirmed private sales of 132,000 tonnes of soybeans to China for delivery in 2024/2025. Analysts polled by Reuters suggested the USDA would cut its forecast for US soybean production in its monthly supply and demand reports due on Friday. August soybean futures hit a lifetime low, down 18 cents to $11.13-1/4. The most active November soybean futures fell 13 cents to $10.67 a bushel. In CBOT trading, August soybean meal futures closed down $6 at $339.20 per short ton, and December soybean meal ...