Last night, the futures of soy in the United States declined, driven by ample global supply and the increase in domestic planting. Furthermore, according to the most recent reports from the US Department of Agriculture, global ending stocks for the 2024-2025 marketing season are projected at 128.5 million metric tons, a significant increase from 111.8 million metric tons. the previous year and exceeding Reuters survey expectations of 120.9 million tonnes.
Global soybean production is forecast at 422.3 million metric tons, representing an increase compared to 376.1 million in the previous 2023-2024 campaign. In the United States, farmers have planted 35% of the soybean crop to date, an increase from the previous week and slightly above the past five-year average of 34%. However, sixteen percent has already emerged, also above previous weeks and the historical average.
Nightfall and impacts on corn and wheat markets
The drop in soybean oil prices, which fell by more than 3% during overnight trading, also put pressure on soybean futures. Meanwhile, corn and wheat futures saw minimal changes. US corn planting reached 49%, an increase from the previous week but below average for this time of year. Corn emergence also increased, as did spring wheat planting and emergence, which exceeded historical averages.
Soybean futures for July delivery fell 6 1/4¢ to US$ 12.13 1/4 a bushel overnight on the Chicago Board of Trade. Soybean meal rose US$ 2.80 to US$ 369.30 a short ton, and soybean oil fell 1.49 cents to 43.66 cents a pound. Corn futures lost 1 3/4 cents to US$ 4.68 a bushel.
Source: Leonardo Gottems | agrolink
