Chicago soybean futures set for first weekly plunge in six months amid US harvests


Chicago soybean futures set for first weekly plunge in six months amid US harvests

On Friday, Chicago Soybean futures’ prices had been little changed, though the commodity market appears to be bracing for the first weekly percentage decline for soybean futures in roughly six months as a rapid progress in US harvest that has been hoarding up the soybean stockpiles, had added to pressures on soybean futures’ prices.

In point of fact, while this report was being prepared, on early US trading hours, soybean futures appeared to be well-placed to wrap up the week with a percentage drop of nearly 5 per cent, snapping a six-week long rally.

Apart from that, the most-active internationally-traded soybean futures in the Chicago Board of Trade fell as much as 4.1 per cent this week so far, which appeared to be well en route to report its biggest weekly percentage decline since the onset of the pandemic outbreak in the United States.

On top of that, after winding down Thursday’s market 1.4 per cent lower, Chicago soybean futures’ prices remained little changed to $10 per bushel, while a bushel of Chicago soybean contract due to be expired on September and November accounts for about 27.21 kilograms.

Soybean futures set for the first weekly plunge since mid-March

Meanwhile, referring to a rapid progress in the harvest of US soybeans, a Singapore-based trader at an international trading company said earlier in the day, “U.S.

harvest is progressing well. I wouldn’t say yields are fantastic but they are pretty decent,” while traders at Chicago Board of Trade were quoted saying that the Commodity funds had been the net sellers of Chicago Soybean futures in the Thursday’s market and the funds were reportedly hoarding up the wheat futures.

In the latest flashpoint of a Sino-US Phase One Trade deal, according to which the Chinese traders should have bought US goods and services worth of $200 billion this year, the United States Department of Agriculture did not report any kind of fresh deal for soybean futures with China at its daily reporting system on Friday, spanning the duration of nullification in China trade for fourteenth straight session in a row.