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Soybeans Edge Lower, Set For Weekly Gains Of More Than 2%

Published on Aug 27 2021 8:19 AM in Supply Chain tagged: US / Commodities / Corn / Soybeans / Oil

Soybeans Edge Lower, Set For Weekly Gains Of More Than 2%

U.S. soybean futures fell on Friday as rains across a key U.S. growing region tempered fears about global supplies, though the grain was poised to record weekly losses of nearly 2.5% amid strong demand for U.S. supplies.

The most active soybean futures on the Chicago Board Of Trade were down 0.4% to $14.21 a bushel by 0253 GMT, having closed down 0.5% on Thursday.

Soybeans are up nearly 2.5% for the week after closing down more than 5% in the previous week.

Elsewhere, the most active corn futures are up more than 2% for the week after falling more than 6% in the previous week, while the most active wheat futures are up more than 1.5% for the week after falling 4.5% in the previous week.

Rains across the U.S. Midwest have aided crops that had been struggling from dry weather.

The U.S. Department of Agriculture reported daily export sales of 100,000 tonnes of corn to Colombia, 133,000 tonnes of soybeans to China and 132,150 tonnes of soybeans to unknown destinations, all for delivery in the 2021/22 marketing year.

For the week, export sales of corn and soybeans were in line with analyst expectations, while wheat export sales lagged predictions.

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Elsewhere, the dollar held firm on Friday after the U.S. Federal Reserve's hawkish wing called for tapering bond purchases as investors looked to a highly-anticipated speech by Fed Chair Jerome Powell later in the day.

Oil prices rose, on track to post big gains for the week, on worries about near term supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend.

Asian shares were mixed on Friday morning as slight gains in China were balanced by declines elsewhere and investors globally turned cautious ahead of a long-awaited speech by Fed Chair Jerome Powell.

News by Reuters, edited by ESM. For more Supply Chain stories, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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