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CBOT Agricultural Futures Trend Down

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  CBOT agricultural futures generally traded lower last week due to the US Thanksgiving holiday and the continued impact of COVID 19 Chicago based research company AgResource said on Saturday Farm futures are expected lower on slowing US and global economic growth rates AgResource said noting that rallies in US farm markets are unlikely to continue December CBOT corn finished firm for a second week amid positive seasonal trends as the market turns inward and focuses on US ethanol production margins and rising domestic supplies High demand from Mexico has offset weak interest elsewhere The Chinese market has recovered while waiting for the Brazilian demand The South American weather becomes the first priority until December onwards Sufficient rain will fall to facilitate planting of the second maize crop in the next three to four weeks but a significant improvement in subsoil moisture will remain Rainfall of 15 to 18 inches will be needed between December and February for Argentine yields to meet or exceed trend the research firm said However further tightness in the global market depends solely on the loss of supply March corn above 6 80 will be hard to sustain CBOT wheat contracts hit fresh multi month lows due to Russia s continued dominance in world trade The US market s premium to other markets has narrowed but there are no signs that demand for US exports will improve in the next 60 days Wheat has a potentially bullish long term story amid the year over year decline in winter planting in the Black Sea and the ongoing extreme drought in the southern and western US plains Soybean futures fell in the holiday shortened trading week and broader market news was limited Cumulative soybean export inspections now stand at 629 million bushels down from 703 million bushels last year The National Supply Company of Brazil reported progress in soybean planting All indications from South America continue to point to a record crop Unlike last year the United States will see limited soybean sales after January 1 and the pace of exports will continue to trend downward This keeps the CBOT soybean price outlook bearish on rallies with key resistance for March soybean futures at 14 60 14 90 in the coming months with a test of 12 50 13 25 dollars scheduled for spring or early summer Xinhua
CBOT Agricultural Futures Trend Down

December CBOT

CBOT agricultural futures generally traded lower last week due to the US Thanksgiving holiday and the continued impact of COVID-19, Chicago-based research company AgResource said on Saturday. .

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Farm futures are expected lower on slowing US and global economic growth rates, AgResource said, noting that rallies in US farm markets are unlikely to continue.

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December CBOT corn finished firm for a second week amid positive seasonal trends, as the market turns inward and focuses on US ethanol production margins and rising domestic supplies. High demand from Mexico has offset weak interest elsewhere. The Chinese market has recovered while waiting for the Brazilian demand.

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The South American weather becomes the first priority until December onwards. Sufficient rain will fall to facilitate planting of the second maize crop in the next three to four weeks, but a significant improvement in subsoil moisture will remain. Rainfall of 15 to 18 inches will be needed between December and February for Argentine yields to meet or exceed trend, the research firm said.

However, further tightness in the global market depends solely on the loss of supply. March corn above $6.80 will be hard to sustain.

CBOT wheat contracts hit fresh multi-month lows due to Russia‘s continued dominance in world trade. The US market’s premium to other markets has narrowed, but there are no signs that demand for US exports will improve in the next 60 days.

Wheat has a potentially bullish long-term story amid the year-over-year decline in winter planting in the Black Sea and the ongoing extreme drought in the southern and western US plains.

Soybean futures fell in the holiday-shortened trading week and broader market news was limited. Cumulative soybean export inspections now stand at 629 million bushels, down from 703 million bushels last year.

The National Supply Company of Brazil reported progress in soybean planting. All indications from South America continue to point to a record crop.

Unlike last year, the United States will see limited soybean sales after January 1, and the pace of exports will continue to trend downward. This keeps the CBOT soybean price outlook bearish on rallies, with key resistance for March soybean futures at $14.60-14.90 in the coming months with a test of 12.50-13.25. dollars scheduled for spring or early summer. ■

(Xinhua)

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