Soybeans fall in Chicago, with expectations of a good harvest in the US

Soybean prices fell again on the Chicago Stock Exchange this Wednesday (28/8) after a brief rally driven by deteriorating crop conditions in the United States. Contracts for November fell 0.96% to settle at US$9.77 a bushel, reflecting recent rains that fueled expectations of a good harvest in the country.

According to the consultancy Granar, in production states such as Illinois, Indiana and Ohio, there was a loss of strength in prices after rains, which improve soil moisture and benefit the final stage of oilseed yield. Additionally, early harvest has already begun in states such as Louisiana, Arkansas and Mississippi, where all-time record production is expected.

According to the United States Department of Agriculture’s (USDA) latest estimate, soybean production for the 2024/25 cycle is at 124.90 million tonnes, surpassing the previous season’s 113.34 million tonnes.

Corn and Wheat: Movements on the Chicago Stock Exchange

Corn also fell on the Chicago Stock Exchange, with December contracts down 0.51% at US$3.9075 a bushel. Recent rains on US crops have put pressure on prices, although harvest has begun in some areas in the final stages of growth. Estimated production for 2024/25 is 384.74 million tonnes, slightly lower than the previous harvest’s 390 million.

Wheat, on the other hand, edged up slightly, with December contracts up 1.12% at US$5.4150 a bushel. Despite the prospect of increased supply, the rise was driven by speculative movements. Consultancy Statistics Canada predicts a 4.3% growth in the country’s wheat output, totaling 34.4 million tonnes in the 2024/25 harvest.