Soybeans slide to two-year lows with plentiful supply, questionable demand

seekingalpha01-30

U.S. soybean futures hit a two-year low below $12 per bushel on Monday, weighed by rain forecasts in Brazil and Argentina that pointed to plentiful supplies, as well as concerns about demand from ...

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Meanwhile, corn futures slid near three-year lows on the improving supply expectations from South America, while wheat edged lower under pressure from cheap grain flowing out of the Black Sea region. CBOT soybeans (S_1:COM) for March delivery settled -1.3% to $11.94/bu, March corn (C_1:COM) closed -1.5% to $4.40/bu, and March wheat (W_1:COM) finished -1% to $5.95/bu. ETFs: (NYSEARCA:SOYB), (NYSEARCA:CORN), (NYSEARCA:WEAT), (DBA), (MOO) The Buenos Aires Grain Exchange last week raised its estimate of Argentina's soybean and corn crops after favorable rain forecasts. \"Fear about weather in South America has gone, which in turn leads to worry about lack of demand for U.S. soybeans and corn,\" StoneX commodity risk manager Matt Ammermann told Reuters. China approved wheat imports from Argentina for the first time, which Ammermann said is \"a bearish factor for both U.S. and European wheat as it will create more competition in the Chinese market, which both U.S. and European Union exporters want.\" China's order for the liquidation of Evergrande Group sparked renewed concerns about the health of the country's economy, causing worries about consumption prospects in the biggest consumer of U.S. grain exports.  More on U.S. grains  WEAT: Poor Performance In 2023 And The Prospects For 2024 WEAT: A Chance To Diversify Soybean/Corn Ratio: A Lesson In Pairs Trading","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.1","shortVersion":"4.24.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2407873048"}